The Arbitration Institute of the Stockholm Chamber of Commerce has completed oral hearings of the proceedings over mutual claims by NJSC Naftogaz of Ukraine and Russian gas monopoly Gazprom, Naftogaz`s press service reported.
The court also heard experts and witnesses of the proceedings.
”Oral hearings of the consolidated case with mutual claims by Naftogaz of Ukraine and Russia`s Gazprom relating to the supply gas contract finished in Stockholm,” a statement read.
The hearings lasted from September 25 to October 11, 2016, according to the report.
”During the oral hearings the parties have presented their legal positions, as well as cross-examined witnesses and experts of the two sides. It is expected that in November the parties will make submissions to the court of summary of the hearings,” the press service said.
The Stockholm arbitration is expected to deliver its final decision on the case by March 31, 2017.
As UNIAN reported, Naftogaz has initiated litigation against Gazprom in the Arbitration Institute of the Stockholm Chamber of Commerce in relation to two contracts. One concerns transit shipments of Russian gas to the European Union via Ukraine and the other one deals with purchases of Russian gas by Ukraine.
In mid-March 2016, Gazprom raised its claims against Naftogaz in the Arbitration Institute of the Stockholm Chamber of Commerce to $31.759 billion from $29.2 billion.
According to Naftogaz`s annual report, the amount of claims against Gazprom as of July 31, 2016 amounted to $28.3 billion.
In early July, Naftogaz CEO Andriy Kobolev said that hearings in the Stockholm arbitration court under the gas supply contract signed between Naftogaz and Gazprom would start in late September, and hearings under the transit contract are scheduled to begin in late November 2016.
Previously, it was also reported that Naftogaz was planning to sue Russia demanding the compensation for assets lost as the result of Crimea`s annexation.
