Naftogaz proves violation of take-or-pay terms – Gazprom must pay $1.37 billion
23 June 2025 23:34
National Joint Stock Company Naftogaz of Ukraine has won an arbitration dispute against Russian gas monopoly Gazprom. The decision was made by the International Arbitration Tribunal in Switzerland, which ordered the Russian company to pay $1.37 billion in favor of the Ukrainian side. This was announced by the Chairman of the Board of Naftogaz Serhiy Koretsky, "Komersant Ukrainian" reports
According to him, the basis for the arbitration proceedings was Gazprom’s breach of contractual obligations under the take-or-pay principle – the Russian side stopped making payments in May 2022.
In September of the same year, Naftogaz initiated arbitration proceedings, which Gazprom tried to block through Russian courts. However, these attempts were unsuccessful.
As a result, the tribunal, which included arbitrators from Sweden, Switzerland and Israel, fully supported Naftogaz’s position.
“Now we have the final decision: the tribunal of arbitrators from Sweden, Switzerland and Israel fully sided with Naftogaz. This is an important victory. I sincerely thank the professional team of lawyers of Naftogaz and our legal advisors Wikborg Rein for this result,” Koretsky said.
He added that the next step is to ensure the enforcement of the decision, which the company will now work on.
