An international arbitration tribunal in Switzerland has ordered PJSC Gazprom to pay $1.37 billion to NJSC Naftogaz of Ukraine.
This was announced by Serhii Koretskyi, Chairman of the Naftogaz Management Board, on Facebook.
"Since May 2022, Gazprom violated its contractual obligations under the 'take or pay' principle by ceasing payments. In September 2022, Naftogaz initiated arbitration, which Gazprom tried to block through Russian courts. That didn’t work. Now we have a final decision: a tribunal composed of arbitrators from Sweden, Switzerland, and Israel has fully sided with Naftogaz," Koretskyi wrote.
He called it an important victory and thanked the professional legal team of Naftogaz and legal advisors from Wikborg Rein for their efforts.
"The next step is to enforce the decision. That’s what we’ll be working on — step by step," Koretskyi emphasized.
In September 2022, Naftogaz initiated arbitration proceedings against Russia’s gas monopoly Gazprom. The case concerned unpaid fees for organizing the transportation of natural gas through Ukrainian territory, which Gazprom had failed to pay on time and in full.
