Thursday, February 16, 2012

Belarus

Ukraine Prepares For Arbitration In Gas Row With Russia

Ukrainian Prime Minister Yekhanurov (file photo) (epa)

23 December 2005 -- Ukraine is preparing to turn to an international arbitrator to resolve its dispute with Russia over the price of natural gas.

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December 23, 2005

Ukrainian Prime Minister Yuriy Yekhanurov said that Kyiv is drafting documents for possible appraisal by the Stockholm Chamber of Commerce, whose Arbitration Institute is internationally recognized as a neutral venue in which to settle commercial disputes.

However, Russia must also agree to arbitration if the case to be taken up .

Earlier on 23 December, Russia's gas giant Gazprom repeated its threat to halt gas deliveries to Ukraine on 1 January unless Ukraine agrees to new prices.

Ukraine currently pays $50 per 1,000 cubic meters of Russian gas. Moscow wants to raise that price by around 400 percent, to reflect world market prices.

(AFP/Reuters)

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