Amid freezing weather, Ukraine shuts schools, factories after Russia's natural gas boycott

03 March, 2018, 00:32 | Author: Charlene Valdez
  • Gazprom must pay Ukraine's Naftogaz $2.5bn after arbitration decisions

In its final verdict, the arbitration court also ruled that Naftogaz is required to buy five billion cubic meters of gas from Gazprom annually, starting in 2018.

Almost four years after failing to agree on a price for Russian gas shipments, Ukraine's state-owned energy company has declared victory in worldwide arbitration that orders Russia's Gazprom to pay $2.56 billion for failing to fulfil export volume obligations.

"Naftogaz succeeded on its claim for damages for under-delivery in Transit Arbitration with Gazprom".

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As reported, after the decision of the Stockholm Arbitration, Gazprom declared the initiation of the termination of contracts for the supply and transit of gas from the Naftogaz of Ukraine.

He said the transit of Russian gas via Ukraine to Europe was not under threat. Gazprom also demanded payment of the debt for gas delivered to Ukraine between May and June 2014, plus fines.

Gazprom said earlier today that it would not restart gas supplies, as an additional agreement to the existing arrangements had still not been reached, Reuters reports. Gas wars between Ukraine and Russian Federation always come in winters and the European Union has had to deal with previous crises in the winters of 2005-2006 and 2008-2009.

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Gazprom is still likely to need to transit at least small volumes through Ukraine after Nord Stream 2 starts in order to meet its contractual obligations to European customers.

Gazprom was trying to portray Ukraine in a negative light and suggest that it was willing either to let its own population freeze or make it out to be "an unreliable transit company that takes the gas away" from European countries, the company said in a statement.

"Based on the available information, the gas supply is now normal and stable". Since then Russian Federation has been pushing for new pipeline projects via the Baltic and Black seas to bypass Ukraine. According to the Ukrainian side, as a result of two litigations, Gazprom will have to pay $2.56 billion to Kiev. Summing the two awards, Gazprom has been left with a bill of $2.56bn.

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