Swedish court’s ruling in Gazprom v. Naftogaz dispute expected prior to 31 March 2017
MOSCOW, October 17 (RAPSI) - The Arbitration Institute of the Stockholm Chamber of Commerce is expected to deliver final ruling in the dispute between Russian oil giant Gazprom and Ukraine’s Naftogaz over gas supplies before 31 March 2017, the Ukrainian company’s website announced on Monday.
Oral hearings in the consolidated case over mutual claims by Naftogaz and Gazprom have been already completed. During the hearings held from 25 September to 11 October parties sounded their legal stance, witnesses and experts were questioned. Post-hearing briefs are expected to be forwarded by parties to the Tribunal in November.
Gazprom has been litigating with Naftogaz in the Stockholm arbitration court over natural gas delivery from Russia to Ukraine and gas transit through Ukraine since June 2014.
The Russian company’s lawsuits over purchase and sale of gas include claims for gas delivered to Ukraine but unpaid (as of the end of 2015, the debt amounted to $2.2 billion) plus penalty for gas underdrawal according to contractual rule “take or pay.” The Ukrainian company owed to Gazprom $7.09 billion, $11.39 billion, $8.2 billion and $2.55 billion in 2012, 2013, 2014 and 2015 respectively for gas shortage.
Naftogaz in turn demands $25.7 billion from Gazprom including $14 billion under the gas supply agreement and $11.7 billion under the transit contract. Within the “transit lawsuit” the Russian company lodged a counter claim seeking payment of gas volume worth $5.86 million settled in Ukraine illegally.