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If Gazprom fails to pay this amount, it will be an unprecedented case.
Naftogaz Chief Commercial Officer Yuriy Vitrenko says Russia's gas monopoly Gazprom will be fined US$500,000 every day until it pays $2.56 billion to Ukraine under a ruling by the Arbitration Institute of the Stockholm Chamber of Commerce.
"The obligation of Gazprom to pay this sum came into force yesterday. So, already today, the fine that exceeds $0.5 million is charged for what they have not paid... The day is not in vain today, and Naftogaz has already earned $0.5 million," Vitrenko said at a press conference in Kyiv on March 1.
If Gazprom fails to pay this amount, it will be an unprecedented case, he said.
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The situation will be unprecedented when the arbitration award is not executed, and especially in a case being closely monitored by the entire world. It will be notorious indeed. This will affect Gazprom's reputation. So, we expect that they will pay us $2.56 billion with interest soon," Vitrenko said.
As UNIAN reported earlier, the Arbitration Institute of the Stockholm Chamber of Commerce has considered the claims filed by Naftogaz on behalf of Ukraine against Russia's gas giant Gazprom regarding the transit of Russian gas to the EU through Ukraine and the purchase of Russian gas by Ukraine.
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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 contract for purchases by Ukraine of Russian natural gas. Thus, the court satisfied a number of demands of the Ukrainian side, including a reduction in the gas purchase price in the second quarter of 2014 to $352 per 1,000 cubic meters. It also rejected Russia's Gazprom take-or-pay claims amounting to $56 billion. As not all the demands of the Ukrainian side were satisfied, Naftogaz was left owing Gazprom some $2 billion.
The second ruling concerned the contract for transit shipments of Russian gas via Ukraine, which was signed in 2009. According to the deal, Gazprom was to transport 110 billion cubic meters of gas per year via Ukraine. Since the condition had not been met, Naftogaz demanded that the court recover $16 billion in compensation from the Russian company in this litigation. The Arbitration ruled that Gazprom should pay Naftogaz $4.63 billion in compensation for the past periods.
Since the court previously ordered Naftogaz to pay Gazprom for gas supply arrears, the net payment Gazprom will have to make to Ukraine is $2.56 billion.