Naftohaz celebrates victory over Gazprom in Stockholm

An arbitration tribunal in Stockholm dismissed a $34.5 billion claim from Russian state gas giant Gazprom over the terms of a disputed gas contract.

Censor.NET reports citing Interfax-Ukraine and Fox Business.

The tribunal also granted Naftohaz's request to revise prices for gas deliveries by Gazprom, taking the market conditions into account.

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Deputy Foreign Minister of Ukraine Olena Zerkal said the tribunal granted Naftohaz's request to cancel the ban on gas reexport.

Gazprom's representative Alexander Ivannikov told RIA Novosti the company had received the interim decision of the Stockholm tribunal and will study it.

Ukraine's Naftohaz received the decision by the Stockholm tribunal on May 31.

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Counterclaims were filed with the tribunal by the two gas companies back in June of 2014. The hearing ended in October 2016, and the decision is expected in second quarter of 2017.