23:22 GMT29 September 2020
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    The Arbitration Institute of the Stockholm Chamber of Commerce is expected to begin hearings on a gas dispute between the Ukrainian oil and gas company Naftogaz and Russia's energy giant Gazprom on Monday, Naftogaz Business Development Director Yuriy Vitrenko said.

    MOSCOW (Sputnik) — "The hearings on the transit contract will begin on Monday," Vitrenko said on Facebook on Saturday.

    The Naftogaz senior manager added that in case of losing in court, Gazprom would have to pay $4 billion more every year for gas transit and reimburse tens of billions dollars to the Ukrainian company.

    “By the way, the court’s decision on the gas transit contract is expected … by June,” Vitrenko said.

    Russia and Ukraine have been engaged in gas disputes for years. In June 2014, Gazprom switched Ukraine to a prepayment system for gas supplies over its massive gas debt. The same month, Ukraine’s Naftogaz appealed to the Arbitration Court in Stockholm, seeking a retroactive revision of its 2009-2019 natural gas transit contract with Russia.

    In June, Naftogaz sent a proposal to Gazprom to sign an addendum to the existing contract that would allow the Russian company to resume gas deliveries to Ukraine.

    Related:

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    Ukraine's Naftogaz Believes Out of Court Settlement With Gazprom Improbable
    Kremlin Sees No Reason to Politicize Gazprom-Naftogaz Negotiations
    Tags:
    Naftogaz, Ukraine, Russia
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