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Ukraine owes USD 1.8 million to Gazprom for overdue payments under decision of Stockholm Court - Mr Medvedev

Gasoil News - Published on Wed, 27 Dec 2017

Image Source: Reuters
TASS cited Deputy CEO of the Russian holding Mr Alexander Medvedev as saying that Gazprom has not received money from Ukraine’s Naftogaz under the award of the Stockholm Arbitration and arrears in three days amount to USD 1.8 million. He said that "We have not received either money or fine so far. Arrears are present – USD 1.8 mln were accumulated over three days."

The top manager said that the Stockholm Arbitration partly canceled the Take or Pay requirement in the gas supply contract between Gazprom and Naftogaz of Ukraine because of the bankruptcy threat for the Ukrainian company.

Mr Medvedev said that "Why the Take or Pay rule is used only in part? If it is applied in full, this will lead to the bankruptcy of not merely Naftogaz company but probably for the whole Ukrainian economy. The arbitration probably took into consideration that application of the Take or Pay in full scope would be merely impossible either for Naftogaz or for Ukraine."

The Stockholm Arbitration issued an award in the dispute between Gazprom and Naftogaz in the contract on gas supply to Ukraine. The court bound Naftogaz to pay USD 2 bln to Gazprom for already supplied gas and reduced the annual procurement under the contract to 5 bln cubic meters, keeping the Take or Pay clause for 80% of that volume.

Source :

Posted By : Rabi Wangkhem on Wed, 27 Dec 2017
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