Photo from UNIAN
Naftogaz CEO Andriy Kobolev says Ukraine will have a right to enforce the Stockholm Arbitration's decision in countries (jurisdictions) where Russia's gas monopoly Gazprom has assets, that’s in case the energy giant refuses to comply with the tribunal award obliging it to pay compensation to Naftogaz.
"The decision concerns Gazprom rather than the Russian Federation. Therefore, it’s Gazprom which is a formal entity that must comply with or not comply with the court's decision... If it refuses to comply with the award, Ukraine gets the right to enforce this decision in a compulsory manner, in any jurisdiction," Kobolev told a Ukrainian TV channel commenting on the court's ruling, adding that the Russian company is an owner of massive assets in Europe.
The decision taken by the Arbitration Institute of the Stockholm Chamber of Commerce cannot be overruled by other courts, while the consideration of an appeal is possible only for the procedure of the trial, but not its essence, Kobolev said, commenting on the arbitration tribunal’s award.
Read alsoCompensation from Gazprom to reduce Ukraine’s gas debt significantly – Naftogaz CEO"In case of enforcement, these courts [of the countries where Gazprom owns assets] will follow procedure, they will execute the award on its merits. The [Stockholm Arbitration's] award will not be revised any more ... Any party can appeal against this award, but this appeal can only relate to the procedure, not the essence of the matter. The essence of the award shall not reviewed," 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.
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.
Read alsoNaftogaz CEO: Gazprom's gas price for Ukraine should be reviewed retroactively, from 2014Also, 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.
In addition, the tribunal lifted Gazprom's ban on gas re-export.