You're reading: Gazprom might fine Ukraine $2.7-5.7 billion

The claims of Russia's Gazprom against Naftogaz Ukrainy, according to the preliminary calculations of experts, in 2012 could reach $2.7 billion if Naftogaz imports only 27 billion cubic meters of gas but not 33.28 billion cubic meters.

A shortfall could reach 6.28 billion cubic meters of gas from the acceptable minimum amount of gas under the terms of the current contract, according to the statement of President of the Ukrainian Bar Association for Foreign Affairs Danylo Kurdelchuk and Partner of Grant Thornton Ukraine Oleksandr Malynovsky in the Dzerkalo Tyzhnia Ukraine weekly (ZN.UA).

With regard to possible penalties for a shortfall in 2013, if gas imports reduce to 24.5 billion cubic meters (as recently announced by Energy and Coal Industry Minister Yuriy Boiko), the fine could amount to about $3.8 billion (at the shortfall being 8.78 billion cubic meters), the lawyers said.

Gazprom could make large claims if only 20 billion cubic meters of gas is imported (Naftogaz Deputy Board Chairman Vadym Chuprun did not rule out this). In this case, the fine could reach about $5.7 billion.

The size of possible fines is calculated based on the price of $430 per 1,000 cubic meters of gas.