Russian energy giant Gazprom started the procedure of terminating contracts on gas supplies and transit with Ukraine's Naftogaz, said Alexander Medvedev, Gazprom's Deputy Chairman on Saturday.
According to Russian news agency Tass, Gazprom has started terminating gas contracts with Ukraine.
'We have begun the procedure to terminate contracts with Naftogaz Ukrainy,' Medvedev said.
'The new case at the Stockholm arbitration court hearing would be considered by other arbitrators,' he added.
On Wednesday, the Stockholm Arbitral Tribunal ruled in favor of Naftogaz in two arbitrations cases against Gazprom in which the company had defaulted on its obligations on the transit of gas volumes to Ukraine.
Earlier Thursday, Gazprom confirmed that the arbitral tribunal has satisfied the requirements of Naftogaz based on the results of the two trials in court, and will pay the Ukrainian company $2.56 billion in compensation.
Gazprom also noted on Thursday that Russian gas supplies to Naftogaz will not be carried out from March 1 onwards.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr