Gazprom will contest in international arbitration a multi-billion dollar fine levied by the Antimonopoly Committee of Ukraine, the Russian gas giant reported.

"Today Gazprom, in accordance with UNCITRAL arbitration rules, has initiated an arbitration settlement against Ukraine with the goal of safeguarding its interest on its territory in connection with Ukraine, in the form of the Antimonopoly Committee, has groundlessly and unjustly levied a fine against Gazprom amounting to more than $6 billion (including penalties) for supposedly abusing its monopoly position on the Ukrainian gas transit market," Gazprom said in a statement.