Contents tagged with Stockholm Arbitration Court

  • Gazprom decides not to hurry with the payment of $2.56 billion to Ukraine's Naftogaz

    Russian Gazprom is in no hurry to pay Ukrainian Naftogaz the $2.56 billion ordered by the court because they have no guarantee that the money will be returned if the decision of the Stockholm arbitration is cancelled,s reported TASS with reference to Gazprom's Deputy Head, Sergey Kuznets.

    "We believe that we just need to go a little slower. We need to get to the bottom of this affair. Let's finally put this matter to rest: who owes to whom," he noted.

    According to Kuznets, the Russian company …

  • Switzerland starts seizing Gazprom assets

    Naftogaz Ukraine has begun the procedure of exacting from Gazprom a fine of $4.6 billion, which was awarded to the Ukrainian company in February 2018 by the Arbitration Institute of the Stockholm Chamber of Commerce.

    The first to be hit were the Russian company’s assets in Switzerland, where the companies Nord Stream AG and Nord Stream 2 AG are registered. The first company oversees the Nord Stream and is 51% owned by Gazprom, the second belongs to Gazprom completely, and is constructing the …

  • Russia's Gazprom requests reversal of Stockholm Arbitration Court decision regarding Ukraine's Naftogaz dispute

    On Monday, May 28, Gazprom sent an appeal to the Svea Court of Appeal in Stockholm for a full reversal of the Stockholm Arbitration Court’s earlier decision regarding the transit contract dispute between Gazprom and Naftogaz Ukraine.

    Gazprom said that an unauthorized person intervened in the Stockholm Arbitration Court’s verdict process, which decided that the Russian company Gazprom must pay a US $4.7 billion fine to Naftogaz Ukraine.

    According to Interfax, Gazprom released a clarifying …

  • Ukrainian President: Russia's Gazprom will pay its debt down to the last penny

    During the first meeting of the National Investment Council, Ukrainian President Petro Poroshenko said he is confident that Ukraine will manage to get payments from the Russian company Gazprom granted by the decision of the Stockholm Arbitration Court.

    "Now Gazprom does not pay us, but so that you have no doubts: every last penny [that Ukraine will receive from Gazprom] will go to the state budget," Poroshenko said.

    In February 2018, the Stockholm Arbitration Court obliged Gazprom to pay the …

  • Russia's Gazprom begins termination of contracts with Ukraine's Naftogaz

    Gazprom was unable to reach an agreement with Naftogaz on gas transit through Ukraine and sent a request to the Stockholm Arbitration for termination of the existing gas transit and supply contracts.

    “Gazprom was ready to negotiate with Naftogaz of Ukraine on gas transit after 2019. However, Ukraine must justify the economic feasibility of transit through its territory,” said Gazprom's Deputy Chairman of the Board of Directors Alexey Miller.

    On February 28, the Stockholm Arbitration Court …

  • Ukraine's Naftogaz starts debt recovery from Russia's Gazprom

    According to the Chief Commercial Officer of Naftogaz, Yuriy Vitrenko , Naftogaz of Ukraine has begun debt collection procedures aimed at recovering the funds which Gazprom has to pay to Naftogaz according to the decision the Stockholm Arbitration court.

    The day before the announcement, Vitrenko met with the EU Commissioner for Competition, Margrethe Vestager. He told her that Gazprom refuses to comply with the decisions of the arbitration court and, in particular, refuses to compensate …

  • Russia's Gazprom prepares $4.7 billion for payment to Ukraine

    The Russian gas monopoly Gazprom, contrary to published reports concerning the sum decided upon by two arbitrations with Ukrainian Naftogaz in the amount of $2.56 billion, put aside in its accounts a reserve for the full amount of the fine on the transit contract with Ukrainian side.

    This was reported by Interfax news agency, citing the company’s statements. The document stated that the balance for fines and penalties for violation of the terms of contracts is recognized as 272.943 billion …

  • Naftogaz: Gazprom refuses to comply with Stockholm Court decision on gas supply and transit through Ukraine

    Russia’s  Gazprom has refused to comply with the decisions of the Stockholm Arbitration Court regarding the supply and transit of gas through Ukraine, as reported by the press service of Naftogaz Ukraine following the results of talks held last week, Interfax-Ukraine reports.

     “Gazprom made clear that the Russian gas monopoly refuses to resume deliveries to Ukraine as ordered by the Arbitration Tribunal in the Gas Sales Case concluded in December last year, and refused to confirm that it will …

  • Ukrainian President: Russia's Gazprom will pay for everything to a penny

    In an interview with Ukrainian television channels on Wednesday, March 7, Ukrainian President Petro Poroshenko said that he is convinced that the Russian company Gazprom will fully pay Naftogaz $2.56 billion following the results of two arbitration disputes in the Stockholm Arbitration Court.  

    "I have no doubt that Ukraine will get everything to a penny. I declare that this issue is absolutely not about money. This issue has geopolitical significance ... The position of the Russian Federation, …

  • Russia's Gazprom appeals Stockholm arbitration court ruling on Ukraine's claim

    The Russian company Gazprom has filed an appeal against the ruling of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) in the gas dispute with Naftogaz Ukraine.

    This was announced by Gazprom on Twitter.

    The Russian company promises to appeal the ruling by the end of March 2018.

    Earlier Gazprom notified Naftogaz Ukraine that it was beginning the procedures to annul all of its active contracts with Naftogaz to supply and transit gas.

    In the gas dispute with Ukraine, …