Ukrainian President Petro Poroshenko said on Saturday that he was confident that Russia would pay Ukraine all the money that Russia's energy giant Gazprom owes Ukraine's Naftogaz in accordance with the ruling of a Stockholm arbitration court.
KIEV (Pakistan Point News / Sputnik - 29th September, 2018) Ukrainian President Petro Poroshenko said on Saturday that he was confident that Russia would pay Ukraine all the money that Russia's energy giant Gazprom owes Ukraine's Naftogaz in accordance with the ruling of a Stockholm arbitration court.
"The contract with Gazprom that we terminated, we went to Stockholm [arbitration court] and won $4.6 billion, which we overpaid to Russia under the contract ... And I am convinced that the sum will be transferred in the near future," Poroshenko said at an international economic forum in Ukraine's Kharkiv.
The two companies have been entangled in litigation since June 2014, when Gazprom switched Ukraine to a prepayment scheme citing its massive gas debt. In late February, the Stockholm arbitration partially satisfied Naftogaz claims over what it said was the failure of Russian energy company to supply agreed volumes of gas for transit, ordering Gazprom to pay $4.63 billion to the Ukrainian firm. However, taking into account the amount of money previously awarded to Gazprom in relation with the gas supply contract, the mutual offset of liabilities resulted in Gazprom's obligation to pay $2.5 billion.
Gazprom filed an appeal to Sweden's Svea Court of Appeal, which ordered to suspend the execution of the arbitration court's ruling, however, Ukraine said it would start claiming the compensation via asset freezes in Switzerland, the Netherlands and the United Kingdom.
