In Sweden, Gazprom’s appeal hearing on Stockholm arbitration decision has begun

In Stockholm, on October 9, the Court of Appeal began consideration of the appeal of the Russian OJSC Gazprom for the decision of the Stockholm arbitration on contracts with Naftogaz of Ukraine. This was announced on Facebook by Executive Director of Naftogaz of Ukraine Yurii Vitrenko:

“The first case (and there are only three) concerns, first of all, the arbitration decision, which nullified our obligations under the provisions of the take-or-pay contract. Because of this decision, Ukraine now does not have to pay Gazprom $80 billion”.

According to Vitrenko, Gazprom will make an opening remarks today, this procedure will take the whole day.

“In order to explain why the lawsuits against Gazprom take so long, I’ll give you one figure. 50.000 - approximately as many pages of various documents were submitted by the parties in the arbitration proceedings under the contract for the supply and transit of gas”, he wrote.

Recall that on February 28, 2018, the Stockholm Arbitration Court satisfied Naftogaz’s claims for compensation for the volumes of gas not supplied by Gazprom for transit.

By the decision of the Stockholm Arbitration, Naftogaz secured compensation in the amount of $4.63 billion for the short supply of agreed volumes of gas.

According to the results of two arbitration proceedings in Stockholm, Gazprom should pay $2.56 billion in favor of Naftogaz.

Gazprom appealed this decision to the Svea County Court of Appeals (Sweden).


Tags: The Cabinet of Ministers, Gazprom, gas, Naftogaz, contracts, Kobolyev, hydrocarbon production, tariffs, Stockholm arbitration, court, legislation, EU, gas transit

Read also

OGTSU will be a declarant for foreign companies which store gas in Ukraine
The Cabinet of Ministers signed a memorandum on the possibility of gas supplies from the USA
America prepares new sanctions against Nord Stream 2