Gazprom must pay Ukraine's Naftogaz $2.5bn after arbitration decisions
"It is important for the Ukrainian people and the future of European gas markets", Andrey Kobolev, chairman of Naftogaz, told reporters.
Taken into account Ukraine's over-2-billion-dollar arrears to Russian Federation for gas deliveries, Naftogaz is counting on receiving about 2.56 billion dollars from Gazprom, he said.
The decision brings an end to a long legal battle between the two companies over the cost of gas to Ukraine.
As was reported, opening a National Security and Defense Council meeting earlier on that day, Ukrainian President Petro Poroshenko instructed Foreign Minister of Ukraine Pavlo Klimkin to initiate trilateral consultations with the European Commission and Russian Federation to implement the Stockholm Arbitration ruling on transit gas supplies.
"So far, the supplemental agreement to the operating contract with Naftogaz has not been approved, and that is a compulsory condition for launching the shipments", said Medvedev.
"Therefore in this situation, acting in good faith, we refunded in full the (prepaid) sum from Naftogaz".
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The U.S. Embassy in Ukraine has congratulated NJSC Naftogaz of Ukraine on a victory in the Stockholm arbitrationcourtin the case of compensation for the volumesoftransitgas that were not supplied by Gazprom.
The Head of State also noted that Gazprom's restrictions or lowering of pressure in the transit gas pipeline was a manifestation of "Russia's aggressive neglect of the universally recognized norms and rights". Reverse flows refer to buying Russian gas that has first been exported to another country.
Meanwhile, Gazprom said earlier on Thursday it would contest the Stockholm order for it to pay Naftogaz $2.56 billion.
"Naftogaz will demand that Gazprom provides compensation for the damage caused by this violation". But Gazprom disagrees with the ruling.
Kiev and Moscow have a history of clashing over prices and obligations under contracts for the delivery of Russian gas to Ukraine as well as transit to Europe.
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