Naftogaz wins USD 1.37B arbitration case against Gazprom

According to Ukrinform, the announcement was made by Naftogaz CEO Serhii Koretsky on Facebook.

“Since May 2022, Gazprom violated its contractual obligations under the ‘take-or-pay’ principle by ceasing payments. In September 2022, Naftogaz initiated arbitration, which Gazprom tried to block through Russian courts. That attempt failed. Now we have a final decision: the tribunal — made up of arbitrators from Sweden, Switzerland, and Israel — fully sided with Naftogaz,” Koretsky stated.

He emphasized that this is a significant victory and thanked the professional legal team at Naftogaz and the legal advisors from Wikborg Rein for their efforts.

“The next step is to enforce the decision. That’s what we’ll be working on — step by step,” Koretsky noted.

As reported by Ukrinform, in September 2022, Naftogaz of Ukraine initiated arbitration proceedings against the Russian gas monopoly Gazprom. The case involved unpaid fees for gas transit services through Ukrainian territory, which Gazprom failed to pay on time and in full.