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Russian Gazprom states termination of contract with Naftogaz 03/02/2018 17:32:58. Total views 677. Views today — 0.

After the decision of the Stockholm Arbitration, Russian Gazprom announced its initiative to break gas supply and transit contracts with Naftogaz of Ukraine national joint stock company. This was stated to journalists by Chairman of Gazprom Board Alexey Miller, - Interfax reports.

"The Stockholm Arbitration, following double standards, made a one-sided decision on gas supply and transit contracts with Naftogaz of Ukraine national joint stock company. Arbitration's decision has significantly upset the balance of interests of the parties of the contract", - he said.

According to him, the prolongation of the contract with Naftogaz is unprofitable for the Russian company.

"Arbitrators based their decision on sharp Ukraine's economic slowdown. We definitely do not want to increase economic problems in Ukraine. In such situation, contracts' prolongation is economically inappropriate and unprofitable for Gazprom", - he said.

"Gazprom has to start termination of gas supply and transit contracts with Naftogaz of Ukraine national joint stock company immediately through the Stockholm Arbitration", - Miller stated.

As previously reported, Gazprom informed that Naftogaz of Ukraine has made an advance payment for the resumption of Russian gas supplies since March. At the same time, Gazprom returned the money, stating that this was due to the lack of an agreed supplementary agreement to the current contract. "It is obvious that gas supplies will not be carried out for Naftogaz of Ukraine from March 1", - Deputy Chairman of Gazprom Board Alexander Medvedev saud. In accordance with the made prepayment, Naftogaz called Gazprom's refusal to supply natural gas a violation of the agreement and failure to comply with the arbitration decision.

On March 2, Naftogaz of Ukraine company stated the need to reduce gas consumption by 8-9% in the next four days due to the actions of the Russian Gazprom.

The five-day national action plan for gas saving is being introduced in Ukraine since March 2.

The European Commission is ready to cooperate with Kyiv and Moscow in order to resolve the situation with the supply of Russian gas to Ukraine.