Naftogaz to levy execution of award to Russian gas in EU countries if Gazprom does not pay $2.56 bln
National joint-stock company Naftogaz Ukrainy plans to levy execution of the award of the Arbitration Institute of the Stockholm Chamber of Commerce to Russian gas in EU countries if Gazprom does not pay the required sum, Chief Commercial Director of Naftogaz Yuriy Vitrenko has said.
"If Gazprom voluntarily fails to comply with the award of the Stockholm arbitration tribunal, we will appeal to the courts of European countries that have ratified the international convention to enforce the arbitration award. Thus, we do not intend to take gas from the transit flows to Europe. It is better for us to levy execution of the award to gas after it reaches the European markets," he wrote on his Facebook page.
As reported, late February, a long dispute between Naftogaz Ukrainy and Gazprom in the Arbitration Institute of the Stockholm Chamber of Commerce ended. The tribunal obliged Gazprom to pay $ 4.63 billion to Naftogaz for the shortfall in supplies of the agreed volumes of gas for transit. Thus, according to the results of two arbitration litigations between the companies regarding gas supply and transit of gas, Gazprom is to pay $2.56 billion to Naftogaz.