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[embedded content] Ukraine’s Naftogaz and the Kiev administration have been praising themselves as victors after nearly four years of litigation against Russia’s Gazprom and the long-term gas contract signed in 2009. This legal adventure finally ended through arbitration in Stockholm this past Friday. Ukraine proudly declared themselves the winners as they narrowly escaped what could have been a national default. In truth, the Stockholm judgment does not look like a win for Naftogaz, and if the law and principles governing contractual commitments matter anymore, then Gazprom has set a good example. The bottom line of the Stockholm decision is that Gazprom, a major Russian gas provider, does not owe or need to refund Ukraine anything, and Ukraine must still honor its now minimized
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[embedded content] Ukraine’s Naftogaz and the Kiev administration have been praising themselves as victors after nearly four years of litigation against Russia’s Gazprom and the long-term gas contract signed in 2009. This legal adventure finally ended through arbitration in Stockholm this past Friday. Ukraine proudly declared themselves the winners as they narrowly escaped what could have been a national default. In truth, the Stockholm judgment does not look like a win for Naftogaz, and if the law and principles governing contractual commitments matter anymore, then Gazprom has set a good example. The bottom line of the Stockholm decision is that Gazprom, a major Russian gas provider, does not owe or need to refund Ukraine anything, and Ukraine must still honor its now minimized
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Mike Norman considers the following as important:
This could be interesting, too:
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Ukraine’s Naftogaz and the Kiev administration have been praising themselves as victors after nearly four years of litigation against Russia’s Gazprom and the long-term gas contract signed in 2009. This legal adventure finally ended through arbitration in Stockholm this past Friday.
Ukraine proudly declared themselves the winners as they narrowly escaped what could have been a national default. In truth, the Stockholm judgment does not look like a win for Naftogaz, and if the law and principles governing contractual commitments matter anymore, then Gazprom has set a good example.
The bottom line of the Stockholm decision is that Gazprom, a major Russian gas provider, does not owe or need to refund Ukraine anything, and Ukraine must still honor its now minimized contractual commitments and pay. True, the Ukrainian side will not have to pay the tens of Billions which were initially on the table when this legal spat began, but pay they must, albeit a lesser sum.