New gas dispute emerges between Ukraine & Russia

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The announcement followed the verdict of the Stockholm Arbitration Court which heard the dispute.

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.

In either case, Gazprom will need to agree a new transit contract with Ukraine before 2020.

Gazprom said earlier today that it would not restart gas supplies, as an additional agreement to the existing arrangements had still not been reached, Reuters reports. Though Gazprom is technically a private company, the Russian government owns a majority stake.

Gazprom reduced transit flows through Ukraine after it brought its 55 Bcm/year Nord Stream 1 gas pipeline that runs directly to Germany across the Baltic Sea online in 2011.

Ukraine on Friday urged schools to close and factories to cut production after Russian Federation refused to restart natural gas supplies, putting the nation in the delicate situation of letting residents shiver to save on gas supplies.

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"They haven't honored the obligations of the contract that the tribunal reviewed".

"Based on the available information, the gas supply is now normal and stable".

"However, the same argument - a decline in gas purchases by European consumers as the main reason for less transit via Ukraine - was not taken into account as far as Gazprom was concerned".

The court also ruled that part of the price Naftogaz was supposed to pay would be reduced. The total amount of Ukrainian company claims was $6-12 billion. Since then Russian Federation has been pushing for new pipeline projects via the Baltic and Black seas to bypass Ukraine. Of $17 billion (R202.82bn) claimed by Naftogaz, the court satisfied the claims for $4.673bn.

"The Ukrainian authorities informed us about a possible emergency situation in Ukraine's gas transport system".