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 Naftogaz for $2.6 billion in losses and renew gas supplies contracts to Ukraine under the new conditions.

"Given Russia’s position, Naftogaz is forced to formally initiate a procedure to enforce the decision in Europe and is preparing a new claim for damages incurred by non-fulfillment of arbitration decisions on by Gazprom," he said.

The Stockholm Arbitration court had completed its deliberation in late February on the dispute between Naftogaz and Gazprom. It obliged the Russian company to pay the Ukrainian company $2.6 billion. Afterwards, Gazprom announced a decision to terminate the contracts with Naftogaz for the supply and transit of gas.

  Gazprom, Naftogaz, Stockholm Arbitration Court, debt