Stockholm court expected to make decision on Gazprom, Naftogaz debt lawsuit in June 2016

The Arbitration Institute of the Stockholm Chamber of Commerce (SCC) is expected to make a decision in June 2016 on lawsuits filed by Gazprom and Ukraine's national oil and gas company Naftogaz Ukrainy against each other on debt repayment for gas and/or a revision of the companies' contract and a return of advance payments, Gazprom said.

The Arbitration Institute of the Stockholm Chamber of Commerce (SCC) is expected to make a decision in June 2016 on lawsuits filed by Gazprom and Ukraine's national oil and gas company Naftogaz Ukrainy against each other on debt repayment for gas and/or a revision of the companies' contract and a return of advance payments, Gazprom said.

On June 16, 2014, Gazprom turned to the court to recover $4.5 billion in debt from Naftogaz for gas supplied in late 2013 and early 2014. This amount has now been lowered to $2.4 billion. At the same time, on June 16, Naftogaz asked the court to retroactively change the price of gas and secure compensation for all excess payments made since May 20, 2011, and cancel the re-export ban. Naftogaz estimates such payments at no less than $6 billion. On July 21, these cases were consolidated, and on September 15, an arbitral panel was formed. A few months later, on November 3, 2014, the court decided that it was not necessary to hold a hearing on adopting interim measures on Naftogaz's request. On January 31, 2015 Naftogaz filed a petition with the court.

"Oral hearings should take place in February-March of 2016. The arbitrators' decision is planned for late June 2016," Gazprom said.

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