Russian Federation refuses to resume gas supplies to Ukraine

Russian Federation refuses to resume gas supplies to Ukraine

On Wednesday, Naftogaz announced the final ruling of the Stockholm arbitration court in the case against Gazprom over the latter's failure to supply agreed volumes of gas for transit.

Ukraine notified the European Union (EU) for an early warning for a crisis in the energy sector because of Gazprom's refusal to comply with the Stockholm arbitration court decision. The arbitrators ground their decision by the fact that the situation with the Ukrainian economy has drastically worsened. "We are categorically against Ukraine's economic problems being solved at our expense", Miller said.

A day after Gazprom was due to resume gas deliveries to Ukraine after a almost three-year hiatus, Russia's gas monopolist has thrown down the gauntlet, saying it will cancel its supply contracts to Ukraine's national gas company Naftogaz. The decision has violated the balance of interests of the parties under these contracts, the head of Gazprom said.

Russian gas giant Gazprom said on Thursday it would defend its rights after an global arbitration court found in favour of Ukrainian energy firm Naftogaz in the final stage of a long-running legal battle.

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Naftogaz CEO Andriy Kobolyev said: "The money should be spent on increasing gas production inside Ukraine and on investment in improved energy efficiency at the level of consumers in Ukraine". The Russian side has returned the funds to Naftogaz in full.

Olena Zerkal stresses that Kiev wants to convene trilateral negotiations in format Ukraine - EU - Russia to ensure the stability of gas supplies to Ukraine and the EU.

Gazprom director Alexei Miller said Friday that the company would immediately turn to the Stockholm arbitration court to break its contract with the Ukrainian operator Naftogaz, Russian news agencies reported.

The tribunal awarded Naftogaz damages of $4.63 billion, but as payments for gas delivered in 2014 and 2015 have already been settled, the amount Gazprom will have to pay is lower, Kallanish Energy learns. At the same time, Gazprom said that the arbitration court rejected Naftogaz' demands to increase the tariff for gas transit and change the contract in accordance with Ukrainian legislation.

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