13:48 29.01.2015

Stockholm Arbitration Institution to start hearing litigation between Gazprom and Naftogaz in a year

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The Stockholm Arbitration Institute of the Stockholm Chamber of Commerce will start hearing the litigation between Russia's Gazprom and national joint-stock company Naftogaz Ukrainy on gas supplies no earlier than in a year, reads a report of the Russian company.

"Gazprom on June 16, 2014 filed a claim to the Stockholm Arbitration Institute of the Stockholm Chamber of Commerce asking to collect the unpaid debt for natural gas and the accrued interest rates totally worth over $4.5 billion from Naftogaz Ukrainy. On the same day Naftogaz Ukrainy filed a claim concerning the retroactive review of the price of gas, refunding of all overpayments made since May 20, 2011 in the amount of at least $6 billion and the cancelation of the gas contract banning sale of natural gas supplied under the contract outside Ukraine.

Naftogaz Ukrainy and Gazprom on July 1, 2014 sent responses to the requests in the relevant arbitration cases. On July 21, 2014, the two cases were consolidated, and oral hearings are to start no earlier than February-March 2016.

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