Economy

Naftogaz receives no contract termination notification from Gazprom

Naftogaz Ukrainy has yet to receive via the Arbitration Institute of the Stockholm Chamber of Commerce Gazprom's notification on the beginning of the procedure to terminate gas supply and transit contracts, Olena Osmolovska, the spokesperson for the Ukrainian national holding, said.

"We have not received [it] yet," she said.

Gazprom CEO Alexei Miller said earlier that the company sent an official notification on the relevant procedure to Naftogaz on Monday.

As reported, the long-standing dispute between the companies concluded in late February, when the Arbitration Institute of the Stockholm Chamber of Commerce ordered Gazprom to pay $4.63 billion to Naftogaz for the failure to meet gas transit obligations. Therefore, Gazprom's net payment after two arbitration disputes between the two companies on gas supplies and transit shipments will be $2.56 billion.

Gas supplies and transit contracts between the companies have been valid in the period from 2009 to 2019.

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