The Stockholm arbitration court will make the final decision on the mutual claims of Russian “Gazprom” and Ukrainian “Naftogaz” on gas supplies to Ukraine before the end of June. This was reported by the press service of “Gazprom”.
Yesterday’s arbitration decision in “Gazprom” named “intermediate”.
“The decision is an intermediate stage of the arbitration process,” – said in Gazprom.
Yesterday in “Gazprom” it was limited to a discreet review about the decision of the Stockholm arbitration, citing a large volume of the document. Shares of the Russian monopoly has already fallen, and the capitalization of the company decreased.
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.