No threat to gas transit via Ukraine: Gazprom CEO

"There are no risks" for gas transit to Europe via Ukraine, Gazprom CEO Alexei Miller said during a meeting with Prime Minister Dmitry Medvedev.

"The termination of contracts is not a very fast procedure. Apparently, it will take about a year and a half or two, but at present, there are no risks for the transit of gas to Europe via Ukraine," Miller said, according to an UNIAN correspondent in Russia.

The situation will remain stable, Miller says, "unless, of course, there is no unauthorized pumping [of gas] by Naftogaz of Ukraine".

Miller said he expected that within the framework of new hearings, the Stockholm Arbitration Court will fix the e imbalance in the interests of the two parties.

Read alsoPoroshenko: Ukraine urges EU states to reject Nord Stream 2As UNIAN reported, Gazprom lost in litigation with Naftogaz in the Stockholm Arbitration, with the latter obliging the Russian energy monopoly to pay the Ukrainian company $2.56 billion. At the same time, Gazprom faces a $500,000 penalty per day until it fulfills the arbitration award in full.

As of March 7, the penalties totaled $3.5 million, while Gazprom, amid its defeat, announced the intention to terminate the contracts with Ukraine from 2009 for the supply and transit of gas, as well as reduced pressure in the gas transmission system, which complicated gas transit to Europe. At the same time, the European Commission said that Ukraine fulfilled all obligations on gas supplies.

The government of Ukraine intends to recover from Gazprom a total $8.5 billion in line with the decisions of the Stockholm Arbitration and the Antimonopoly Committee of Ukraine ($2.56 billion and UAH 172 billion, respectively).