The Cabinet of Ministers of Ukraine has approved the signing of an amicable agreement to settle claims of the Antimonopoly Committee of Ukraine against Russia's Gazprom for the amount of $7.4 billion.

Government resolution No. 1372-r was published in the Uriadovy Kurier newspaper.

"To approve the draft amicable agreement in the case under a claim of PJSC Gazprom against the state of Ukraine, which is being heard by the ad hoc arbitration tribunal in accordance with the Arbitration Rules of the UN Commission on International Trade Rights (UNCITRAL), case number 2019-10," the government said in the document.

The government authorized Justice Minister Denys Malyuska to sign the agreement.

As reported, package gas deals include a settlement agreement between Gazprom and the Antimonopoly Committee of Ukraine for a fine of $7.4 billion.

In January 2016, the committee fined Gazprom UAH 85 billion for abuse of its monopoly position in the natural gas transit market of Ukraine. Later, the amount of the fine increased to UAH 172 billion due to a penalty for its non-payment. At today's exchange rate, this is about $7.4 billion.

Ukraine, Russia and the European Commission on December 20, 2019 in Minsk signed an intergovernmental protocol providing for a package agreement. Among other things, they determine the settlement of the fine of the Antimonopoly Committee of Ukraine in the amount of $7.4 billion.