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, that it will not pay, is a weak position. As we say: you don’t wave your fists after a fight," Poroshenko said.

Poroshenko noted that, at a time of crisis, Ukraine reduced natural gas consumption by 14%, but did not reduce its gas transit to the EU, and noted further that his country has shown itself to be a responsible and reliable partner.

"Now look at how the world reacts. Ukraine, which has warned all European partners in advance and promised to do everything to fulfill its obligations, and Russia, which has refused to comply with the decision of the Stockholm Arbitration Tribunal and even tried to use gas blackmail in the usual manner. Tell me, please, who will further trust Russia as a reliable gas supplier? Who will support Nord Stream 2?"  said the President.

The Head of State stressed that Ukraine "will make every effort to diversify its energy supplies, and so should the EU."

A long dispute in the Stockholm Arbitration Court between the companies ended on February 28; the Court’s decision required Gazprom to pay Naftogaz $4.63 billion for the shortfall of agreed volumes of gas for transit. Based on the results of the two arbitration disputes between companies for the supply and transit of gas, Gazprom must pay NAC $2.56 billion.

On March 2, Gazprom announced it would break its contracts with Ukraine for the supply and transit of gas. This caused the introduction of a temporary, economical mode of consumption of blue fuel to prevent a crisis in the energy sector.

  Gazprom, Ukraine, Stockholm Arbitration Court, Russia, Poroshenko