National joint-stock company Naftogaz of Ukraine expects that the Arbitration Institute of the Stockholm Chamber of Commerce will pass its verdict on the gas company`s dispute with Russia`s OAO Gazprom by the end of the first half of 2017, according to Naftogaz Commercial Director Yuriy Vitrenko.
”The arbitration decision [on gas transit shipments] is expected by the end of the first half of next year,” he wrote.
He, however, added that a ruling on a gas purchase contract could be issued earlier – by the end of the first quarter of 2017.
Vitrenko said Gazprom has many assets in Europe, which could be seized following the Stockholm Arbitration Institute`s decision. Further, its assets do not enjoy immunity as state assets.
”Gazprom would have to execute this decision without delay. It is inappropriate to compare it with the Yukos case. Gazprom`s assets are not protected by national sovereignty and it has enough assets in Europe that could be used as compensation,” he added.
As UNIAN reported, Naftogaz has initiated litigation against Gazprom in the Arbitration Institute of the Stockholm Chamber of Commerce on two contracts. One concerns transit shipments of Russian gas to the European Union via Ukrainian territory and the other is related to purchases by Ukraine of Russian gas.
Naftogaz also announced plans to sue Russia for the loss of its Crimean assets following the annexation of the peninsula, the report stated.
In mid-March 2016, Gazprom raised its claims against Naftogaz in the Arbitration Institute of the Stockholm Chamber of Commerce to US$31.759 billion from $29.2 billion.
Naftogaz CEO Andriy Kobolev, in turn, evaluated the total sum of claims against Gazprom at $30 billion.
Early in August 2016, Naftogaz`s press service said the company`s claims against Gazprom exceeded $26.6 billion.