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Compensation that the Russian gas monopoly Gazprom will be obliged to pay to the Ukrainian side for natural gas earlier sold at non-market prices, according to the award by the Stockholm arbitration tribunal, will significantly reduce the volume of debt of the National Oil and Gas Holding Naftogaz of Ukraine before the Russian company, Naftogaz CEO Andriy Kobolev said on air of one of Ukraine’s TV channels.
"We did not pay Gazprom for gas, which we took in the past periods, amounting to (without interest) – some $2.2 billion. Now we can say for sure that we will receive compensation for the volumes of gas that we paid for, starting from 2014, when the price was higher than the price that the tribunal has now awarded. That is, this figure [the amount of debts to Gazprom] will be definitely reduced. It will be lowered significantly," Kobolev said.
Naftogaz CEO added that the exact amount will be known only after the tribunal takes its final decision.
Read alsoNaftogaz CEO: Gazprom's gas price for Ukraine should be reviewed retroactively, from 2014"The gas that we took away and not pay for it is not a fine. It's our debt. The decision [the award of the Stockholm arbitration] will significantly reduce this debt. In three months we will be able to calculate the exact figure, have it approved with the tribunal, and make it public," Kobolev said.
UNIAN memo. The Arbitration Institute of the Stockholm Chamber of Commerce has been considering the claims filed by Naftogaz on behalf of Ukraine against Russia's Gazprom regarding the transit of Russian gas to the EU through Ukraine and the purchase of Russian gas by Ukraine. Read also Stockholm arbitration rejects Gazprom's "take-or-pay" demands to Naftogaz On June 1, it became known that the Arbitration Institute had satisfied Naftogaz's claim to review the price under the 2009 gas purchase contract with Gazprom, taking into account market conditions. Also, there was a separate ruling to cancel Gazprom's "take or pay" rule, according to which Ukraine was either to buy 52 billion cubic meters of gas every year or pay the price of it even if not the entire contracted volume was bought.