Ukraine's Naftogaz Sues Russia's Gazprom in Stockholm Arbitration Court

© RIA Novosti . Maksim Blinov / Go to the photo bankNaftohaz Ukrainy signboard on administrative building in Kiev
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Ukraine’s Naftogaz has turned to the Stockholm arbitration court in order to review Russia’s Gazprom gas contract of 2009, according to the press release of the Ukrainian company.

MOSCOW, June 16 (RIA Novosti) - Ukraine’s Naftogaz has turned to the Stockholm arbitration court in order to review Russia’s Gazprom gas contract of 2009, according to the press release of the Ukrainian company.

“The Lawsuit comprises a requirement to sue Gazprom for the prepayment regime on gas that the Russian monopolist has supplied to Ukraine’s Naftogaz since 2010,” the press release said Monday.

Gazprom implemented a prepayment plan for the delivery of Russian fuel to Ukraine’s Naftogaz at 10:00 a.m. local time (06:00 a.m. GMT) on Monday after putting it off several times this month. The company's statement said Naftogaz arrears for Russian gas deliveries stood at $4.458 billion.

The gas price for Ukraine surged from $268.5 to $485.50 per 1,000 cubic meters in April after Russia canceled two discounts granted previously to the country. Kiev keeps rejecting the new price saying it was ready to clear its debt if Moscow agreed to sell gas at the old price.

Earlier, the Ukrainian cabinet instructed Naftogaz to hire top lawyers to defend their interests in the dispute with Gazprom. Norwegian law firm Wikborg, Rein & Co. agreed to stand by Ukrainian state energy company in its litigation against the Russian gas giant.

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