Naftogaz of Ukraine National Joint-Stock Company announced the complete victory over Russian Gazprom JSC during the proceedings at the Stockholm Arbitration Tribunal.

All Gazprom claims were rejected by the court, according to Naftogaz Facebook official page. In particular, Arbitral Tribunal found illegal the “take or pay” formula, according to which Ukraine had to pay for the RF gas shortage. In addition, the tribunal has lifted the ban on gas re-export.

Deputy Minister of Foreign Affairs of Ukraine for the European Integration Olena Zerkal commented the tribunal award, calling it a real victory.

“European based principles and rules for the gas market functioning is our main interest in this case. As required by the National legislation, the provisions of the Treaty establishing the Energy Community and the Association Agreement between Ukraine and EU . Gazprom is only company that aggressively opposes,” she wrote.

Earlier QHA reported that Gazprom and Naftogaz were suing in Stockholm Arbitration Tribunal for gas supply from RF to Ukraine and for gas transit across the Ukraine territory from 2009. 

The “take-or-pay” principle was in force since 2009. It provided penalties for Ukraine in the case of Russian gas shortage relative to the volume specified in the contract.

PHOTO: Internet