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Gazprom has failed to fulfill its obligations.
Chief Commercial Officer of NJSC Naftogaz of Ukraine Yuriy Vitrenko says that due to Russian gas giant Gazprom's refusal to supply gas to Ukraine as of March 2018 at the price stipulated in a ruling by the Stockholm Arbitration court, the Ukrainian company has to buy gas in Europe, having thus accumulated over $110 million in losses, which Gazprom shall compensate.
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"Under the Stockholm Arbitration ruling [by the Arbitration Institute of the Stockholm Chamber of Commerce], Gazprom was supposed to sell gas to us at a price of the German market starting from March. Gazprom has failed to fulfill its obligations, it doesn't comply with the arbitration award and doesn't deliver gas. We have been buying gas in the European market. We have already launched arbitration, through which we will force Gazprom to compensate us for the difference between the price of the gas we are buying now in the European market and the one stipulated by the contract changed in the arbitration," Vitrenko said at a press conference on September 25, as reported by an UNIAN correspondent.
"According to our estimates, the sum they must pay us already exceeds $110 million," he added.
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 $4.6 billion to the Ukrainian side.
At the same time, taking into account the arbitration award on the gas supply contract, the final amount of settlements between the two companies is $2.6 billion in favor of Naftogaz.
The court also obliged the Russian company to supply to Ukraine up to 5 billion cubic meters of gas per year in 2018-2019 at prices in line with those at European gas hubs.
After seeing the court's decision, on the morning of March 1, Gazprom refused to sell gas to Ukraine as of March 2018. At the same time, the Ukrainian side prepaid the gas.