Gazprom Completes $2.9 Bln Payment to Ukraine’s Naftogaz in Move to Settle Long-Running Gas Dispute

Gazprom Completes $2.9 Bln Payment to Ukraine’s Naftogaz in Move to Settle Long-Running Gas Dispute

In February 2018, the Stockholm Arbitration Court ordered the Russian gas giant to pay Naftogaz some $2.56 billion over its alleged failure to ship agreed-upon amounts of gas through the Ukrainian pipeline network on route to Europe. The dispute was a part of the broader conflict between Russia and Ukraine in the wake of the 2014 coup in Kiev.

Gazprom has completed a $2.9 billion payment to Naftogaz on the basis of the ruling of the Stockholm Arbitration Court, a spokesman from the company has confirmed.

According to the spokesman, the payment was made in accordance with terms and dates agreed upon in the protocol signed between the two companies last week. Under the terms of the agreement, following this payment, the companies will agree to waive their claims in outstanding legal disputes have yet to be resolved.

Earlier Friday, Russian Energy Minister Alexander Novak announced that starting January 1, Gazprom and Naftogaz would wipe the slate clean on disputes between one another on the issue of gas supplies and transit contractors. 

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Source: sputniknews.com

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