In addition to its own arbitration claims relating to the terms of the contract to supply gas to Ukraine, Russia's Gazprom has for the first time disclosed the amount of counter-claims by NJSC Naftogaz Ukrainy, which it said were $14.23 billion.
Gazprom filed a claim against Naftogaz for unpaid gas with the Arbitration Institute of the Stockholm Chamber of Commerce on June 16, 2014. The overall claim increased to $31.75 billion when take-or-pay demands were added.
“At the same time on June 16, 2014 NJSC Naftogaz Ukraine submitted a request for arbitration to the Arbitration Institute of the Stockholm Chamber of Commerce, Sweden, against PJSC Gazprom seeking a retroactive revision of the price, compensation of all overpaid amounts starting from May 20, 2011 and cancellation of the Contract No. KP prohibition on re-export of natural gas out of Ukraine. The clarified claims of NJSC Naftogaz Ukraine to PJSC Gazprom amounted to over $14.23 billion,” Gazprom said in a Q2 financial report to International Financial Reporting Standards (IFRS).
