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Gazprom to appeal decision of Stockholm court

The Russians claimed $ 47.1bn and are going to sue on.

The head of Russian gas monopoly Gazprom Aleksey Miller said that the interim decision of the Stockholm arbitration on gas prices obliges Naftogaz Ukraine to pay 1.7 bn. The company demanded more and intends to sue on.

"There was an interim decision by the Stockholm Arbitration Court, according to the preliminary economic assessment, according to the preliminary decision of the Stockholm Arbitration, the levies from Naftogaz in favor of Gazprom exceed $ 1.7 bn," Miller told a press conference following the results of the annual shareholders meeting on Friday, 30 June.

"In the meantime, the arguments of the arbitrators on many issues of the interim ruling seem insufficient. Gazprom is set to appeal the interim ruling in the Court of Appeal of Sweden," he went on.

Last week, Naftogaz of Ukraine announced the cancellation of a number of Gazprom's requirements by the Stockholm Arbitration. In particular, the head of the Ukrainian state holding Andriy Kobolev announced the cancellation of the "take or pay" principle.

President Petro Poroshenko said that this is "a convincing victory" for Ukraine.

Russian Gazprom refused to admit defeat.

The Arbitration Institute of the Stockholm Chamber of Commerce (Stockholm Arbitration) considers two cases: on a gas supply contract and the transit a contract.

The first case deals with counterclaims filed in June 2014. The sum of Ukraine's claims for it was 18 bn dollars (including 14.1 bn for the reviewed price of gas purchased from May 20, 2011 to October 2015). Russia demanded Ukraine to pay 47.1 bn dollars (including 34.5 bn as sanctions for the violation of the "take or pay" principle).