Russia's Gazprom says has started ending gas contracts with Ukraine

The president also thanked Ukrainians who responded to an appeal of NJSC Naftogaz of Ukraine to decrease gas consumption in the country.

While the Naftogaz group of Ukraine announced the settlement of the issue of Russia's resumption of gas supply after a break of more than two years, Russian Gazprom confirmed the lack of agreement on all the details to achieve this.

Naftogaz achieved compensation in the amount of $ 4.63 billion for Gazprom's failure to deliver agreed volumes of gas for transit.

Gazprom and Naftogaz are legally bound to a 10-year transit contract throughout 2019.

Ukrainian President Petro Poroshenko said on Saturday Ukraine saw an increase in gas supplies from Poland, Slovakia, and Hungary, which has fully offset the impact of Gazprom's decision.

However, the Stockholm arbitration court ruling is being opposed by the Gazprom.

Itkonen did, however, indicate that gas supplies to the bloc are not being affected yet.

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"The arbitrators explained their decision with the sharp deterioration in the state of the Ukrainian economy".

Though, experts say Naftogaz of Ukraine provided incomplete information and it is necessary to hear the second side so that the verdict of the Stockholm Arbitration becomes clear.

Gazprom's Miller is reportedly very unhappy with the terms of the deal that dictate both volumes and prices to the Russian gas company.

"Technically, Gazprom has been obliged to pay this sum since yesterday evening. This will improve security of supply and give Ukrainians affordable energy", Kobolyev added. Since that date, it has been buying gas from Western Europe in order to reduce its energy dependency on Russian Federation, according to Reuters.

The court also ruled that part of the price Naftogaz was supposed to pay would be reduced.

The Stockholm court ruled that Gazprom should pay about $ 4.7 bln to Naftogaz (taking into account the satisfied counter claims, Gazprom has to pay $ 2.56 bln).

"Naftogaz succeeded on its claim for damages for under-delivery in Transit Arbitration with Gazprom".


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