Naftogaz vs Gazprom – Current Status?

It has been over a year now since the final awards of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) were rendered in the disputes upon the claim of NJSC "Naftogaz of Ukraine" vs OJSC "Gazprom". The proceedings under such disputes were initiated in relation to the contracts on (1) natural gas supply and (2) natural gas transit through the territory of Ukraine. Both contracts are governed by Swedish law.

As a result of the proceedings, Naftogaz is awarded USD 4.7 billion compensation from Gazprom. However, given that in 2014, Naftogaz received natural gas from Gazprom in the amount valued USD 2.1 billion and did not pay pending the arbitration, this amount was credited as part of the compensation. So, let us figure out when and how Naftogaz will get paid the second "tranche" of compensation in the amount of USD 2.6 billion.