Ukraine is refusing to pay gas giant Gazprom USD 2.5 billion. The Russian company says its owed the money because Ukraine is in breach of its obligations under a ‘take-or pay’ supply contract. Kyiv argues the clause under which Moscow is demanding the cash is invalid.
This is the latest flare-up in an increasingly heated gas war between the two countries. Ukraine’s state-owned Naftogaz began legal proceedings against Gazprom in a Stockholm court in 2014. The Ukrainian monopolist is suing for USD 26 billion claiming it over paid for Russian gas. Gazprom says Ukraine is in debt to it by almost USD 32 billion.
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