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Gazprom already applied to arbitration to terminate contracts with Naftogaz
June 19 2018, 02:20 | Irvin Gilbert
Gazprom ordered to pay $2.56bn in damages to Naftogaz in gas transit arbitration
The head of Gazprom, Aleksei Miller, stated that the company was terminating all contracts with Ukraine immediately.
Naftogaz was awarded damages of Dollars 4.63 billion for Gazprom's failure to deliver the agreed transit gas volumes.
"The arbitrators justified their decision by the sharp deterioration in the Ukrainian economy". We are strongly opposed to Ukraine's economic problems being solved at our expense.
Almost four years after failing to agree on a price for Russian gas shipments, Ukraine's state-owned energy company has declared victory in global arbitration that orders Russia's Gazprom to pay $2.56 billion for failing to fulfil export volume obligations.
It should be reminded that Naftogaz of Ukraine filed a lawsuit at the Stockholm Arbitration court under the gas transit contract, stating that Gazprom violated the contract on transportation volumes and demanded the Russian company to pay at new tariffs double the contract rates.
"The Commission stands ready to steer a trilateral process which in the past has already proven to be effective in situations of disagreement", Sefcovic said in a statement.
Earlier, Medvedev said that Gazprom had returned the money Naftogaz paid for gas supplies in March and would not start them due to the lack of the approved supplement to the current contract.