Poroshenko congratulates Ukraine on victory of country over Gazprom in Stockholm arbitration tribunal

Ukrainian President Petro Poroshenko has congratulated Ukraine on the historic victory of our country in the Arbitration Institute of the Stockholm Chamber of Commerce over Russia's Gazprom.

"This is a true victory. Today's decision of the Stockholm arbitration tribunal provided Ukraine with $4.63 billion. These funds will cover the price of gas consumed by us in a very difficult year of 2014. And the budget of NJSC Naftogaz of Ukraine will immediately get $2.56 billion… This is the result of the joint coordinated work of Naftogaz, the government and the president. Our common position proved that we can win legal battles in Stockholm as well. Once again I want to congratulate all Ukrainians on this convincing victory!" he said at a meeting with the Naftogaz team.

The president said that the decision of the Stockholm arbitration tribunal would positively influence the country's reserves.

"This is extremely important for us. This is the strengthening of gold and foreign currency reserves, which confirms that our energy strategy is correct," he said.

Poroshenko said that this experience would be taken into account in further strategic planning.

"When we tackle a thousand pages [of the tribunal decision], we will determine a further energy strategy. You know that the NSDC [National Security and Defense Council's] meeting is currently being prepared on this issue. Energy is one of the elements of the state security and, of course, this victory inspires us and shows that we have convincing legal, and not only, arguments," he said.

As reported, the Arbitration Institute of the Stockholm Chamber of Commerce has obliged Russia's gas giant Gazprom to pay $4.63 billion to Naftogaz for the failure to meet gas transit obligations.

Since the court previously ordered Naftogaz to pay Gazprom for gas supply arrears, Gazprom's net payment after two arbitration disputes between the two companies on gas supplies and transit shipments will be $2.56 billion.