Gazprom files lawsuit in Stockholm arbitration for $ 4.5 bln

By Joseph R. Fonseca
Monday, June 16, 2014
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Gazprom filed a lawsuit in Stockholm International Arbitration Court seeking to recover USD 4.5 billion in debt from Naftogaz of Ukraine due to the company's non-compliance with obligations under Contract No. ?? dated January 19, 2009 for natural gas purchase and sale between 2009 and 2019 (Contract), as well as its considerable outstanding debt for natural gas supplied under the Contract and non-payment of current supplies.

Starting from 10:00 am (Moscow time) on June 16, 2014, Gazprom will supply Naftogaz of Ukraine with natural gas only in prepaid volumes according to contractual terms.

In this respect, Naftogaz of Ukraine is obliged to secure natural gas transit to third countries in full compliance with terms of the effective Contract No. ???? on volumes and conditions for natural gas transit through Ukraine from 2009 to 2019, dated January 19, 2009 between Naftogaz of Ukraine and Gazprom.

Gazprom relies on strict observance of contractual obligations taken on by Naftogaz of Ukraine for the gas transit to third countries.

In addition, the European Commission was notified in advance about possible disruptions of gas transit if Naftogaz of Ukraine illegally withdrew gas from transit flows.

Gazprom has already taken and will be taking all possible efforts aimed at preventing potential disruptions of gas supply to European consumers.

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