«Gazprom» will not challenge the court’s decision in its dispute with Naftogaz

© RIA Novosti / Alexei Danceparty in fotobanka rig and gas flare marine petrochemical platform. Archival photo«Gazprom» will not challenge the court’s decision in its dispute with Naftogaz© RIA Novosti / Alexei Danceparty the image Bank

«Gazprom» does not intend to challenge the decision of the Stockholm arbitration on the dispute with the Ukrainian «Naftogaz» in connection with the contract for the supply of gas, reported to journalists the Deputy Chairman of the Russian gas holding Alexander Medvedev.

To the question, does «Gazprom» to challenge this decision, he replied: «Why?». «There is nothing new. The arbitration decision entered into force,» — said Medvedev.

The Stockholm arbitration court in December issued a verdict on the dispute «Gazprom» and «Naftogaz» in connection with the contract for the supply of Russian gas to Ukraine. The court obliged «Naftogaz» to pay «Gazprom» $ 2 billion for gas already delivered, and also reduced annual contract amount of purchases up to 5 billion cubic meters of gas, but left the condition «take or pay» for 80% of this amount, that is 4 billion cubic meters. To buy gas in these volumes Kiev is required starting in 2018.

«Naftogaz of Ukraine», in spite of this, considered the court decision a victory and praised his positive result in 75 billion dollars. In particular, the savings from the Ukrainian state-owned company was formed due to the retroactive reduction in the price of gas for the second quarter of 2014 to $ 352 from $ 485 per thousand cubic meters, and also due to deviation penalties for arrears of gas on the «take or pay». «Naftogaz» also said that the court cancelled the ban on re-export of Russian gas and the binding gas prices to oil products.

«Gazprom» and «Naftogaz of Ukraine» the legal proceedings in the Stockholm arbitration court in June 2014. The bulk of the claims of «Gazprom» to «Naftogaz» in the framework of the dispute on the supplies went to penalties for arrears of gas at the contractual rule of «take or pay» (take or pay). In addition, Gazprom demanded to pay the debt for gas supplied in may and June 2014, and penalties for late payment. «Naftogaz» demanded retroactive changes in gas prices, recovery of overpayments for the unrevised prices and the abolition of the ban on the resale of gas under contract.