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July 11, 2014, Law360
Jeremy Wilson and William Lowery have authored this article on the allegations that Naftogaz has failed to pay $4.5 billion for gas that Gazprom has already delivered to Naftogaz.
"On June 16, 2014, Gazprom announced that it had commenced arbitration proceedings against Naftogaz under the Stockholm Chamber of Commerce rules alleging that Naftogaz has failed to pay $4.5 billion for gas that Gazprom has already delivered to Naftogaz. Naftogaz also announced that it had commenced a claim under the SCC rules, seeking the establishment of a fair price for gas and alleging that it has overpaid for the gas already supplied. Some reports suggest that another claim — valued at over $18 billion — is just around the corner."