The dispute between Naftogaz and Gazprom: the international court has put an end.

The international arbitration tribunal in Switzerland has issued a ruling condemning Gazprom to pay 1.37 billion dollars in favor of Naftogaz of Ukraine. The decision was confirmed by Naftogaz chairman Serhiy Koretsky.

According to Koretsky, throughout 2022, Gazprom violated the terms of the 'take or pay' agreement by failing to pay the agreed amounts. In September 2022, Naftogaz initiated arbitration proceedings, which Gazprom tried to block in its courts, but unsuccessfully.

The arbitration tribunal, which included arbitrators from Sweden, Switzerland, and Israel, supported Naftogaz’s position in this dispute.

Serhiy Koretsky assessed this decision as an important victory and thanked the Naftogaz team for their professionalism, as well as the lawyers from Wikborg Rein for their successful resolution of the case. Currently, the Ukrainian side is actively working on the enforcement of the arbitration decision.

'The next step is to initiate the enforcement of the decision. We will adhere to the step-by-step plan,' said the head of Naftogaz.

According to the ruling of the international arbitration tribunal in Switzerland, Gazprom is obliged to pay a significant amount in favor of Naftogaz of Ukraine due to violations of the agreement terms. The court's ruling is considered a victory for the Ukrainian company, which is actively working on the enforcement of the decision and defending its interests in international disputes.