Gazprom announces termination of gas contracts with Naftogaz

Gazprom announces termination of gas contracts with Naftogaz

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Ukrinform
Russia's Gazprom, after the Stockholm arbitration decision not in its favor, has said that it is launching the process of terminating contracts for the supply and transit of gas with Ukraine's Naftogaz.

Gazprom CEO Alexei Miller told this to reporters on Friday, according to Interfax.

"The arbitrators explained their ruling by the sharp deterioration of the state of the Ukrainian economy. We are categorically against the economic problems of Ukraine being solved at our expense. In this situation, extending the effect of contracts is not economically advisable and profitable for Gazprom," Miller said.

According to him, Gazprom is obliged to immediately launch the procedure at the Arbitration Institute of the Stockholm Chamber of Commerce on terminating contracts for the supply and transit of gas with Naftogaz.

In February 2018, Naftogaz made an advance payment to Gazprom, waiting for gas supplies from March 1. However, the Russian company returned the money in full and refused to supply natural gas.

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