Naftogaz of Ukraine expects to receive up to $16 billion from Russian Gazprom

The national holding company Naftogaz of Ukraine expects to receive compensation in the sum of $6.5 billion to $16 billion from Russian Gazprom following the Stockholm Arbitration Court’s consideration of gas transit contracts, UNIAN reports citing the company's Chief Commercial Officer, Yuri Vitrenko, stated this.

"The amount of our claim will be between $6.5 and $16 billion, depending on whether Ukrainian legislation is applied," he said.

Vitrenko added that he anticipates the Stockholm Arbitration Court’s decision on the case in February 2018.

Gazprom and Naftogaz of Ukraine have been in litigation through the Stockholm Arbitration Court since 2014 regarding contracts for the provision of gas from Russia to Ukraine and for the transit of gas through Ukraine. Gazprom has demanded the recovery of debt from the Ukrainian holding company for gas delivered in 2013-2014. Naftogaz, in turn, has sought to change the price of gas, as well as reimbursement of overpayments and the lifting of the ban on the re-export of Russian gas. In addition, the Ukrainian company is requiring a change in the methodology for calculating the transit tariff, in accordance with European standards.

  Gazprom, Naftogaz, Russia

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