Stockholm arbitration rules Gazprom to compensate $2.56 billion to Naftogaz

UKRAINE - In Brief 28 Feb 2018 by Dmytro Boyarchuk
The Stockholm arbitration court ruled $4.63 billion compensation to Naftogaz for under-payment on natural gas transit, according to Naftogaz statement in social nets. Previously, in December 2017 the Arbitration Institute of the Stockholm Chamber of Commerce obliged Naftogaz to pay Gazprom near $2 billion for natural gas Ukraine consumed in 2014. Naftogaz reports $2.56 billion surplus from litigation with Gazprom. If these numbers, Naftogaz reported, are the total truth – this result is really outstanding! Firstly, it’s for the first time Ukrainian establishment managed to defend national interests in open confrontation with Russia. Secondly, $2.56 billion is good news, for balance of payments, national currency and gross international reserves. Thirdly, this victory also might improve sentiments since it’s an achievement lay Ukrainian also could be proud of. In fact the political meaning of Stockholm arbitration is about the same scale as visa-free regime with the EU.

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