Gazprom made $4.7 billion on the payment of Ukraine

Газпром приготовил $4,7 млрд на выплату Украине

The decision of the Stockholm arbitration has the strongest impact on the statements of Gazprom for 2017, leading to a reduction in net profit to 100 billion rubles.

Russian gas monopoly Gazprom contrary to published reports on the amount of solutions according to two arbitrations with the Ukrainian Naftogaz in the amount of $2, 56 billion created in the accounts a reserve for the full amount of the fine under the transit contract with the Ukrainian side.

It is reported by Interfax with reference to the statements of the company on Monday, 2 April. The document stated that in the balance sheet under “fines, penalties, and forfeits for breach of contracts” is recognized as an expense in 272,943 billion, or $4,74 billion (at the exchange rate at the end of the year), the value of which is almost entirely consistent with the decision of the arbitrators.

“Thus, the decision of the Stockholm arbitration has the strongest impact on the statements of Gazprom for the year 2017 according to Russian standards, leading to a reduction in net profit to a symbolic 100 billion. In 2016, the profit of the parent company was 411 billion. Record high it reached in 2011 880 billion rubles”, – stated in the message.

Last week, the Chairman of the Board of Gazprom Andrey Kruglov announced that the company will reflect in the accounts of the 2017 a provision for payments of $2.6 billion to Naftogaz by the decision of the Stockholm arbitration.

Recall, February 28, ended a longstanding dispute between Naftogaz and Gazprom in the Stockholm arbitration court, which ordered the Russian company to pay Naftogaz $4.63 billion for failure to supply the agreed volumes of gas for transit. According to the results of two arbitration of disputes between companies on supply and transit of gas, Gazprom has to pay NAC $2.56 billion

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