“Gazprom” and “Naftogaz” start gas contracts termination negotiations

Gazprom announced today that negotiations will be opened in the coming days to terminate the existing gas supply and transit contracts with Naftogaz, BTA reports.

The Russian concern indicated that it has already received confirmation from the Ukrainian company about its readiness to start such talks.

However, according to the head of the Russian company Alexey Miller, this process could take between one and a half and two years.

At the end of February, the Stockholm Arbitration Court ordered Gazprom to pay $ 2.56 billion to Naftogaz in connection with a dispute over their transit contract. However, the Russian concern did not agree with the decision and started a procedure to break the contracts with the Ukrainian company for the supply and transit of blue fuel.

In 2009, Russia and Ukraine signed two gas contracts – one for the deliveries to Ukraine, and one for the transit of blue fuel through Ukrainian territory to Europe. Both agreements are valid until 31 December 2019.

In the summer of 2014, Gazprom and Naftogaz filed counter-claims for the supply deal for Ukraine. From 2012, the Ukrainian company stopped receiving the fully negotiated fuel, and by November 2015, Kiev did not buy Russian gas at all, replacing it with reversed supplies from Europe.

Ukraine has requested a change in the terms of the prices and the required prepayment, as well as the cancellation of the “take or pay” clause. “Gazprom” insisted on the payment of gas and compensations.

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