Gazprom's proposal that Naftogaz Ukrainy drop the $3 billion claim it has already won against the Russian gas giant in Stockholm arbitration in exchange for a "discount" on gas purchases does not make economic sense, the Ukrainian company's executive director, Yuriy Vitrenko, has said.

"If you consider that this 'discount' [on gas] that [Russian President Vladimir] Putin is talking about, even if you count simply economically, will pay for itself in 28 years if you compare it just to the $3 billion that Gazprom already owes us, let alone new lawsuits," Vitrenko said on TV channel ICTV on Monday evening.

"That is, just in economic terms there is no sense waiting 28 years in order to get what we will get next year," Vitrenko said.

As a result of two disputes between Naftogaz and Gazprom over gas supplies and gas transit, in February 2018 a Stockholm arbitration court ordered Gazprom to pay Naftogaz $2.56 billion. Gazprom filed an appeal to this ruling in the Svea Court of Appeal in Sweden.

Meanwhile, the Ukrainian company is trying to collect the funds in various jurisdictions and is pursuing a campaign in international courts to freeze Gazprom assets in Switzerland, the UK, the Netherlands, and Luxembourg. Naftogaz has already managed to freeze Gazprom's 51% of Nord Stream AG in the UK and 50% plus one share in Blue Stream Pipeline Company B.V. in the Netherlands. In addition, debt obligations to Gazprom totaling about $2.5 billion have been frozen in the Netherlands.

Naftogaz expects to complete the process of collecting about $3 billion from Gazprom, including the awarded claim plus interest, by the end of 2020.