A Stockholm-based arbitration tribunal has taken the side of Ukraine’s state-owned gas company Naftogaz in its conflict with Gazprom. The two had agreed that Ukraine would annually buy and pay for at least 52 billion cubic meters of Russian gas. According to the agreement, the price Ukraine was paying for the Russian gas was bound to oil prices. In its claim with the court, Naftogaz demanded $18 billion in compensation for this price gap. According to Krutikhin, the Russian gas monopoly “will have to acknowledge the existing reality.” Ukraine has not been buying Russian gas for more than a year now, relying on reverse gas supplies from Europe, he noted, adding that the country “is managing well without [Russian gas].”

Source: Daily News Egypt June 03, 2017 12:33 UTC