You're reading: Top Ukraine court upholds ruling against Naftogaz

Nov. 24 (Reuters) - Ukraine's Supreme Court said on Wednesday it had upheld a ruling obliging state energy firm Naftogaz to return gas worth almost $3 billion to a company part-owned by Russia's Gazprom.

An international arbitration court in June ruled that Naftogaz must transfer 12.1 billion cubic metres gas to RosUkrEnergo, a company owned by Gazprom and local tycoon Dmytro Firtash that had acted as an intermediary in trading gas.

All attempts by Naftogaz to appeal the ruling, which would cost it $2.8 billion under the current price, have failed so far in local courts, and the supreme court ruling means there are no other venues to challenge it.

"The appeal by Naftogaz has been examined by the court and had been rejected," the court’s spokeswoman said.

Ukraine’s government said last year it had bought the gas in question from Gazprom for $1.7 billion. International Monetary Fund head Dominique Strauss-Kahn said last month Russia should help Ukraine repay RosUkrEnergo debt. He said cash-strapped Kyiv could not afford a straightforward cash settlement.