Newsletter Issue No. 114 | April 2018

Renewed Naftogaz-Gazprom tensions after Stockholm arbitration

The recent awards in the Stockholm arbitration dispute between Naftogaz and Gazprom turned Naftogaz into a net winner of about USD 2.6 bn. Yet there are renewed tensions over their enforcement and risks for European gas supplies in January 2020. Gazprom must show reasonable and responsible behaviour while Naftogaz and Ukraine must pursue their reforms and refrain from using the transit tariff negotiations as a way to maintain the status quo.

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