After the decision of the Stockholm arbitration to “Gazprom” have lost in the stock price

Shares of Russian gas monopoly JSC “Gazprom” on the Moscow stock exchange at the close of trading on may 31, have declined compared to the previous day by about 1.5% from 122,1 rubles to 120,28 rubles per share. This is evidenced by data Moscow exchange.

Also the stock has fallen markedly on a monthly basis.

The value of the shares of “Gazprom” in may

In addition, the variation in the price of shares of “Gazprom” yesterday, and the day was significant – at least amounted to 119,4 of the ruble, high – 122,78. It is characteristic that the decline of the stock started after the announcement of the verdict by the Stockholm arbitration court, but by the close of trading shot up again.

The value of the shares of “Gazprom” on may 31

The capitalization of “Gazprom” declined $ 1 billion – 50,95 billion to $ 49.5 billion.

Yesterday the Stockholm arbitration court has announced a closed decision by mutual claims of “Gazprom” and “Naftogaza”. This decision was the first of several anticipated.

Deputy foreign Minister of Ukraine Olena zerkal said that the decision of the Tribunal “a clear victory” of Ukraine. According to her, the position of the Tribunal on the key issues was this:

  • the condition “take or pay” completely abolished;
  • the prohibition of re-export is cancelled in full;
  • the price formula revised in 2014 – the “European hub”.

As previously reported, the amounts that the parties must pay each other on the basis of the decision of the Stockholm arbitration, separately calculate the experts.

In the summer of 2014, Naftogaz and Gazprom have filed against each other claims to the Arbitration Institute of Stockholm chamber of Commerce. Both complaints concerned the contract of purchase and sale of gas, which was concluded in 2009.

Naftogaz urged the court to recognize the principle of “take-or-pay” is not applicable in the world practice; also, the Ukrainian side believes is not a market contract formula for determining gas prices. Also, “Naftogaz” demanded the return of 17,87 billion for gas purchased since may 20, 2011 to October 2015.

Gazprom, in turn, urges Naftogaz to follow the contract and pay all recorded in the volumes of gas and to pay fines – in the amount by 45.78 billion.

In October 2014, Naftogaz additionally filed a complaint under the transit contract, which was signed in the same year 2009. In this case, “Naftogaz” expects to collect from the Russian company of 12.09 billion. “Gazprom” demands of 6.64 billion.

The total amount of claims has already exceeded 80 billion dollars.