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Stockholm arbitration might issue interim decision on Naftogaz Ukrainy and Gazprom lawsuites before winter

29-07-2014 14:38

This is what Naftogaz chief Andriy Kobolev said.The arbitrator selection procedures now underway should be completed soon, at which point the case will be handed over for examination."I hope that some time in September we will be able to officially say in the news what progress there is, because at the moment we are not free to disclose information concerning the lawsuit," he said.

As reported, from April 2014 Russia increased the price of gas for Ukraine from $268.50 to $485.50 pre 1,000 cubic meters. Ukraine said that the country will not pay at such a high price. After negotiations between Ukraine and Russia failed to reach a compromise, both sides filed reciprocal lawsuits in Stockholm arbitration.Naftogaz Ukrainy is demanding that a fair price be set for the gas that Gazprom supplies to Ukraine. Ukraine also demanded that $6 billion in overcharges for the gas which Gazprom has been exporting to Naftogaz since 2010, be repaid.Gazprom is demanding the payment of $4.5 million in debts for gas already delivered.