15:53 09.12.2014

Ukraine hopes Stockholm arbitration court will decide on gas dispute with Russia next year - Yatseniuk

2 min read
Ukraine hopes Stockholm arbitration court will decide on gas dispute with Russia next year - Yatseniuk

Ukrainian Prime Minister Arseniy Yatseniuk has said that another interim agreement on gas supply could be signed before the Arbitration Institute of the Stockholm Chamber of Commerce issues a ruling on a dispute between Ukraine's Naftogaz and Russia's Gazprom.

"Two lawsuits that were filed with the Stockholm arbitration court – a lawsuit against Russia's Gazprom on the revision of the price, and a lawsuit on the revision of a transit agreement - will be completed. Many of the procedures have been carried out. We hope that the Stockholm arbitration court will issue final verdicts next year," he said at a government meeting on Tuesday.

He noted that an interim gas agreement, which was signed at the trilateral level, expires on March 31.

As reported, on June 16, 2014, Naftogaz filed a suit with the Arbitration Institute of the Stockholm Chamber of Commerce, demanding that a fair market price be set for gas which Gazprom exports to Ukraine. The suit also demands that Gazprom refund overcharged gas payments made since 2010. This overcharge amounts to $6 billion, according to the Ukrainian holding company.

On the same day Gazprom filed a suit against Naftogaz seeking the recovery of debt amounting to $4.5 billion for gas already delivered.

Russia's and Ukraine's suits filed with the Stockholm court were combined into one case.

In addition, on October 13, Naftogaz filed a lawsuit seeking the revision of a gas transit contract with Gazprom, as well as compensation for shortfalls in gas transit volumes.

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