Naftogaz claims against Gazprom in Stockholm arbitration reached $28.3 bln

Naftogaz claims against Gazprom in Stockholm arbitration reached $28.3 blnTotal claims of national joint-stock company Naftogaz Ukrainy against Russia's Gazprom in litigation in the Arbitration Institute of the Stockholm Chamber of Commerce as of July 31, 2016 have reached $28.3 billion, Naftogaz said in an annual report.

Naftogaz's claims under the gas supply contract totalled $18.1 billion, including $14.2 billion regarding the price of gas bought by Ukraine from May 20, 2011, until October 2015. In turn, the claims under the transit contract amounted to $10.2 billion.

Total counter claims of Gazprom against Naftogaz amount to $38.7 billion. Almost the entire sum relates to the gas supply contract: $29.2 billion as sanctions regarding the take-or-pay principle for 2012-2014 and Q3 2015, $2.2 billion the disputable price of gas for Q4 2013 and Q2 2014. The claims of the Russian company under the gas transit contract total $6 million. They concern 5 million cubic meters of balanced gas.

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"We expect that early 2017 years-long arbitration proceedings against Gazprom in Stockholm will end. These proceedings are important for the future of the Naftogaz group and for the creation of the effective gas market in Ukraine. The stake of this battle is around $50 billion. We and the legal team handling the lawsuits are doing our best to win," Naftogaz Head Andriy Kobolev said in comments to the report.

Gazprom in July 2016 claimed additional sums against Naftogaz over the over-payment for the gas transit services in the previous periods if Naftogaz wins in the litigation over the price of gas supplied by Russia.
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