-Naftogaz lodges new arbitration claim against Gazprom
A new arbitration process has begun in the “natural gas wars” between Russia and Ukraine. The Ukrainian natural gas company Naftogaz applied to the Arbitration Institute of the Stockholm Chamber of Commerce for a review of natural gas deliveries since March 2013.
The statement said that some $11.58 billion in payment from Gazprom is expected to Naftogaz as a result of the review with Naftogaz claiming the existing tariffs do not correspond with the average tariffs applied in the European market.
Gazprom and Naftogaz had filed arbitration claims against each other in 2014. Naftogaz demanded payment of $17 billion, claiming that Gazprom failed to fulfill its natural gas shipment obligations.
The Arbitration Institute of the Stockholm Chamber of Commerce in the dispute between Gazprom and Naftogaz recently ruled in favor of the Ukrainian company. Having ruled that Gazprom did not fulfill its obligations on natural gas deliveries to Ukraine, the institute decided that Gazprom should pay Naftogaz $2.56 billion.
-Russia implements additional customs taxes in response to U.S. steel tariffs
Russia has imposed additional taxes ranging from 25 to 40 percent on imports from some U.S. products, in response to U.S. customs tariffs on steel and aluminum.
According to a written statement from the Russian Ministry of Economic Development, Prime Minister Dmitry Medvedev's decision has led to an increase in customs duties on road construction equipment, oil and gas equipment, and fiber optic equipment imported from the United States.
The U.S. has introduced custom duties of 25 percent and 10 percent on imports of steel and aluminum, respectively in March, the developments of which are seen as the beginning of a trade war between the U.S. and China.