The Cabinet of Ministers approved signing of settlement with Gazprom

The Cabinet of Ministers of Ukraine approved the signing of an settlement on the lawsuit of the public joint-stock company Gazprom against Ukraine. It is reported by UNN with reference to the press service.

“To approve the draft Settlement on the claim of Gazprom against the state of Ukraine, which is being considered by the ad hoc arbitration court in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law, Title No.2019-10”, the document says.

The government authorized Minister of Justice Denis Maliuska to sign this agreement.

It is noted that in October 2018, Gazprom stated that they had initiated arbitration proceedings in accordance with the rules of UNCITRAL (United Nations Commission on International Trade Law) against Ukraine over a fine of more than $6 billion for abuse of monopolistic position in the Ukrainian gas transit market.

In February 2016, the Antimonopoly Committee of Ukraine decided to impose a fine of UAH 85.9 billion, or about $3.2 billion, on Russian Gazprom for violating laws to protect economic competition. Subsequently, the Antimonopoly Committee of Ukraine counted 100% interest on UAH 85.9 billion in fine of Gazprom in the amount of UAH 85.966 billion.

In December 2016, the Commercial Court of Kyiv granted the claim of the Antimonopoly Committee of Ukraine regarding the enforcement of a fine from Gazprom in the amount of UAH 172 billion.

Gazprom appealed such a decision to the Kyiv Economic Court of Appeal, however, on February 22, the court of appeal rejected the complaint of the Russian company, and later the Higher Economic Court of Ukraine made the same decision.

Recall that NJSC Naftogaz of Ukraine received $2.9 billion from Gazprom pursuant to a decision of the 2018 Stockholm arbitration.

The parties continue negotiations on the terms of further cooperation after the completion of the current contract on January 1, 2020.

Tags: The Cabinet of Ministers, Gazprom, gas, Naftogaz, contracts, court, legislation, EU, energy market, gas transit, GTS, foreign affairs, Gas market, monopoly, pipeline, agreement, gas supplies, volumes

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