REUTERS
The Arbitration Institute of the Stockholm Chamber of Commerce satisfied the demand by the National Oil and Gas Holding Naftogaz of Ukraine, ruling to completely abolish the ban on re-export of natural gas, Ukraine’s Deputy Foreign Minister Olena Zerkal wrote on Facebook, adding that the ruling means victory for Ukraine.
"Today’s decision by the Arbitration Institute in Stockholm gives answers to legal questions in the dispute concerning the 2009 contract on gas deliveries between Naftogaz and Gazprom ... Their position on key issues was as follows: 1) The condition "take or pay" (the lion's share of Gazprom's financial claims) is abolished in full; 2) The prohibition of re-export is canceled in full; 3) The price formula has been revised from 2014 – [to the] European [hub] price," she said.
Read alsoStockholm arbitration cancels Gazprom’s take or pay demands to NaftogazAccording to Zerkal, Ukraine’s main interest lies in the idea that gas supplies to Ukraine be based on the European principles and rules for the functioning of the gas market, which is stipulated in the Energy Community Treaty and the Ukraine-EU Association Agreement.
"This is an unequivocal victory. European integration as it is," the deputy foreign minister stressed.