Gazprom's move to halt cooperation with Naftogaz response to "slap in the face" from Kyiv: Diplomat

REUTERS Deputy Minister of Foreign Affairs of Ukraine for European Integration Olena Zerkal says Russia took Gazprom&#39;s loss in the Stockholm Arbitration as a slap in the face by the state of Ukraine. Hence, an emotional statement on aiming to terminate all contracts with NJSC Naftogaz of Ukraine. Such a reaction is also provoked by the fact that Russia&#39;s presidential elections are to be held on March 18 and the energy monopoly&#39;s failure in court personally affected President Vladimir Putin, Zerkal told a TV panel show on ICTV March 5. According to Zerkal, the termination process will not have been completed before the existing contracts expire. Read alsoUkraine steps up security measures at GTS sites amid conflict with GazpromAs UNIAN reported earlier, Russia&#39;s gas monopoly Gazprom has lost a lawsuit with NJSC Naftogaz of Ukraine in the Stockholm Arbitration, which ruled Gazprom to pay $2.56 billion to the Ukrainian company. At first, Gazprom agreed to supply 0.5 bcm of gas to Ukraine in March at prices determined by the arbitration. However, on March 1, it suddenly refused to fulfill its contractual obligations and reduced the gas pressure at the entry point to Ukraine&#39;s GTS on the eastern border to a critical level. Naftogaz says Gazprom&#39;s failure to fulfill the court&#39;s decision has led to the gas shortage in the GTS. To overcome the crisis, the Cabinet of Ministers of Ukraine imposed restrictions on domestic gas consumption, while Naftogaz went for an emergency purchase of 60 mcm of gas from Poland&#39;s PGNiG. Read alsoRussia&#39;s Gazprom officially informs Naftogaz about proceedings to terminate gas contractsOn March 2, Gazprom announced its intention to terminate all existing contracts with Naftogaz. The Russian company argued that the Stockholm Arbitration was allegedly guided by double standards, while its decision violated the interests of the parties. In turn, Naftogaz said it did not see any grounds for terminating the transit contract.

Gazprom's move to halt cooperation with Naftogaz response to "slap in the face" from Kyiv: Diplomat

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