Ukrainian Naftogaz recovered first millions from Gazprom

Naftogaz is holding $9 million of the debt owed by Russian company Gazprom, based on the decision of the Stockholm arbitration, reported the press service for Naftogaz.

The company reminded that the Stockholm arbitration formula for gas pricing was changed, which resulted in lower service rates and general transit cost.

Naftogaz was clarified that Gazprom deliberately refuses to implement the decision of the arbitration and continues to pay the price set by Naftogaz.

“Thus, Naftogaz has overpaid more than 9 million for transit services, provided in August as payment within the framework of the arbitration decisions,” explained the press service.

The Russian company Gazprom owes Naftogaz about 2.6 billion dollars for non-compliance with the decision of the Stockholm arbitration.

The arbitration in Stockholm ruled on February 28 that Gazprom was obligated to pay Naftogaz more than $4.6 billion for the shortfall in agreed volumes of gas under the transit agreement (taking into account the payment for the delivered gas, the Russian company must pay $2.56 billion). Gazprom began to cancel contracts with Naftogaz on March 3. President of Ukraine Petro Poroshenko said that the actions of the Russian company are “tools of gas blackmail” directed against Ukraine and EU countries.

  Naftogaz, Gazprom, Ukraine, Stockholm Arbitration Court