Photo from UNIAN
Following the consideration of two cases, Russia's Gazprom owes the Ukrainian company US$2.56 billion.
NJSC Naftogaz of Ukraine on Wednesday, Feb 28, saw the final ruling by the Stockholm arbitration on the suit of the Ukrainian company against Russia's gas monopoly Gazprom.
According to the decision, the Arbitration ruled that Gazprom pay Naftogaz $4.63 billion, as reported by Naftogaz press service.
"The arbitration ruled that Naftogaz be paid $4.63 billion. Following two arbitration proceedings, Gazprom owes $2.56 billion," reads the report.
According to the press service, the Stockholm Arbitration satisfied Naftogaz's claims to Gazprom demanding compensation for gas transit volumes that did not meet contractual terms.
"The arbitration court rejected Gazprom's claims regarding the fines for the volumes of transit gas, allegedly taken by Naftogaz illegally," the company added.
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On December 22, Naftogaz received the final award of the Arbitration Institute of the Stockholm Chamber of Commerce related to the gas purchase contract. Thus, the court satisfied a number of demands of the Ukrainian side, that is reduced the gas purchase price in the second quarter of 2014 to $352 per 1,000 cubic meters and rejected Russia's Gazprom take-or-pay claims amounting to $56 billion. As not of the demands were satisfied, Naftogaz was left owing Gazprom some $2 billion.
Today's ruling concerned the transit contract, which was signed in 2009. According to the deal, Gazprom was to transport via Ukraine 110 billion cubic meters of gas per year. Since the condition has not been met, Naftogaz demanded that the court recover $16 billion in compensation from the Russian company.