Stockholm International Arbitration Court News

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. ????