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    A worker of Russian gas and oil giant Gazprom works on February 18, 2015 in Novoprtovskoye oil and gas condensates oilfield at Cape Kamenny in the Gulf of Ob shore line in the south-east of a peninsular in the Yamalo-Nenets Autonomous District, 250 km north of the town of Nadym, northern Russia

    Russia's Gazprom Seeks $50Bln at Stockholm Arbitration Hearings - Naftogaz

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    Russia's gas giant Gazprom seeks $50 billion from Ukraine's Naftogas at the Stockholm Arbitration hearings and its claims can increase up to $80 billion, Group Chief Commercial Officer of Naftogaz, Yuriy Vitrenko said on Wednesday.

    MOSCOW (Sputnik) — According to Vitrenko, Naftogaz demanded that Gazprom must pay $30 billion and the claim may reach about $50 billion.

    "In accordance with the rule 'take or pay' Gazprom already demands $50 billion from us, will demand $30 billion more [till expiration of contracts], their total claim will be $80 billion," Vitrenko said at the online conference, as quoted by the "Novoye Vremya. Business" media outlet.

    Russia and Ukraine have been locked in a three-year row over the price of Russian natural gas and delivery terms.

    In June 2014, Gazprom switched Ukraine to a prepayment scheme citing its massive gas debt. Ukraine's energy firm Naftogaz refused to buy gas from Gazprom in October 2015 due to high prices, saying it had other suppliers in Europe.

    The European Union intervened in late 2015 to ensure uninterrupted gas transit through Ukraine.

    gas transit, gas debt, Russian natural gas, Naftogaz, Gazprom, Ukraine, Russia
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