The Ukrainian state-run company Naftogaz and its six affiliates (Chornomornaftogaz, Ukrtransgas, Likvo, Ukrgazvydobuvannya, Ukrtransnafta and Gaz of Ukraine) filed a lawsuit and claim a US$5bn compensation against Russia for damages caused by the seizure of its assets in Crimea. The file has been submitted to the Permanent Court of Arbitration in the Hague (Netherlands) and the court's award is expected by the end of 2018.
This is not the first lawsuit Naftogaz is filing against Russia insofar as Naftogaz is seeking US$30.3bn from Gazprom and is requiring a lower price for Russian gas and seeks to waive the take-or-pay clause, while demanding higher transit fees for gas shipped to Europe. In turn, Gazprom is seeking US$47.1bn from Naftogaz over the two disputes (take-or-pay contracts and transit fees). Commercial relationships between Ukraine and Russia have soured over years and turned into a political conflict that worsened until the annexation of Crimea by Russia.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.