REUTERS
The official noted that if the appeal is successful, the re-arbitration will take another 4 years, the results, which can also be appealed, making the process endless.
The process of appealing the decision of the Stockholm Arbitration in favor of the National Joint-Stock Company Naftogaz of Ukraine by Gazprom, could take nearly three years, while the probability of success of the Russian company remains minimal, according to Yuriy Vitrenko, Chief Commercial Officer at Naftogaz.
"Appealing arbitration awards could take three years, that's if the case will then be considered by the Supreme Court of Sweden," Vitrenko wrote on Facebook.
He noted that if the appeal is successful, the re-arbitration procedure will take another 4 years, the results of which can also be appealed.
"That is, this can become an endless process," he said, while noting that the likelihood of Gazprom's success in appealing the decision of the Stockholm Arbitration remains minimal.
Read alsoEnglish court allows Naftogaz freezing Gazprom's assets in England, Wales
As UNIAN reported earlier, at the end of February 2018, the Russian energy monopoly, Gazprom, lost a lawsuit filed by Naftogaz with Stockholm arbitration on a gas transit contract. Gazprom was obliged to pay to the Ukrainian side $4.6 billion. At the same time, taking into account the arbitration award on the gas supply contract, the final amount of settlements between the companies is $2.6 billion in favor of Naftogaz.
Against the backdrop of their loss, Gazprom announced their intention to terminate in court its contracts with Ukraine for the supply and transit of gas. In the second decade of March, Gazprom officially notified Naftogaz of their refusal to comply with the arbitration award.
Late May, Naftogaz Ukrainy began the process of forcing a $2.6 billion debt from Gazprom in foreign courts. The recovery process has already begun in England, Switzerland and the Netherlands. Among the assets of interest to the Ukrainian side are the shares of companies operating the Nord Stream 1 and Nord Stream 2 gas pipelines.
In mid-June, Gazprom said that the Swedish court suspended enforcement of the Stockholm arbitration award in a dispute over the gas transit contract.
Read alsoNaftogaz challenges decision of Swedish court on Stockholm Arbitration
In turn, Naftogaz was informed that the decision was taken without Naftogaz being called in and, accordingly, without taking into account the explanations and arguments that would have been submitted by Naftogaz, had the court notified the company of the existence of such a claim by Gazprom.
Naftogaz noted that the court's decision does not lead to the cancellation of arbitration decisions and does not give Gazprom the opportunity to demand from Naftogaz a return of $2.1 billion already accounted for by the arbitration award as compensation.
On June 18, Naftogaz filed a submission with the Svea County Court of Appeals aimed at unblocking the $2.6 billion debt recovery procedure as part of the enforcement of the Stockholm Arbitration Award.