Gazprom appeals Stockholm Arbitration award

Russian gas monopoly Gazprom appealed against the award handed down by the Stockholm Arbitration in a dispute with the Ukrainian Naftogaz over the gas transit contract.

"On March 29, Gazprom filed an appeal to the Svea County Court of Appeal (Sweden) to appeal and revoke the final award in an arbitration with Naftogaz of Ukraine in the gas transit case due to significant procedural violations committed by the arbitrators in making their decision," the Gazprom press service wrote, according to RFE/RL's Ukrainian service.

On March 22, Gazprom filed an appeal with the court in Sweden as regards the award on gas supply contracts.

Read alsoNaftogaz to start recovery of US$2.6 bln debt from Russia's Gazprom in AprilIn the international financial reporting standards, Russian Gazprom has recognized its debt to the National Joint Stock Company Naftogaz of Ukraine, the press service of the Ukrainian company wrote on Twitter March 29.

On February 28, Naftogaz of Ukraine announced its victory in the Stockholm Arbitration over the Russian gas monopoly, Gazprom, in a dispute over compensation for the amount of gas aimed for transit that Gazprom failed to provide. Gazprom said they did not agree with the decision of Stockholm Arbitration. Gazprom pointed out that as a result of such a verdict, the "imbalance" emerged in relations with Naftogaz on gas supply and transit.