Ukraine got a much-needed victory in international arbitration court this week, after the Arbitration Institute of the Stockholm Chamber of Commerce ruled that Ukraine’s state-owned gas company Naftogaz had the right to re-export Gazprom supplies. The court also shot down Gazprom’s “take-or-pay” contracts, which require customers to pay for certain amounts of natural gas, regardless of whether or not that gas is actually delivered. The FT reports:
The dispute centres on gas contracts Ukraine signed under pressure in 2009 after Gazprom cut off flow, denting supplies to Russia’s southern neighbour as well as the rest of Europe amid a price row. …read more
Source: The American Interest
