The change of Naftogaz Ukrainy's charter by the Economic Development and Trade Ministry and the transfer of its subsidiary – public joint-stock company Ukrtransgaz – to the management of the ministry could result in the refusal of the Arbitration Institute of the Stockholm Chamber of Commerce to hear Naftogaz Ukrainy's claim against Russia's Gazprom on the 2009 transit contract, Naftogaz Ukrainy Board Chairman Andriy Kobolev has said.

"The most serious and gravest consequence that we can get is the refusal of the Arbitration Institute of the Stockholm Chamber of Commerce to hear the transit lawsuit against Gazprom. In this lawsuit Naftogaz demands $12 billion from Gazprom and the introduction of a possibility of virtual reverse mode, guaranteeing gas transit for the future and many other things," Kobolev told reporters on the sidelines of the 13th Annual Meeting of the Yalta European Strategy (YES) in Kyiv on Saturday.

He recalled that Gazprom does not demand anything from Naftogaz in this lawsuit. The Russian company wants to leave the situation as it is now.

"This decision, if it is not annulled, opens for Gazprom a very simple door to close this lawsuit. There is an official conclusion from our legal advisors," he said.

He added that the European Bank for Reconstruction and Development also expressed a protest against this decision. It violates Ukraine's liabilities taken as part of the guarantee $300 million loan agreement for Naftogaz Ukrainy.

"This means not only the loss of $300 million, but also cross-default for all Ukraine's liabilities as the state," he said.

Kobolev said that one more negative consequence could be the impossibility of raising $500 million from the World Bank by Naftogaz Ukrainy.