"The Stockholm arbitration, guided by double standards, adopted an asymmetric decision on our contracts with Naftogaz of Ukraine regarding supply and transit of gas. The decision seriously violates the balance of interests of the parties under these contracts.
"The arbitrators ground their decision by the fact that the situation with the Ukrainian economy has drastically worsened. We are totally against the situation when Ukraine's economic problems are solved at our expense. In this situation, the continuation of the contracts’ validity is not economically feasible and unprofitable for Gazprom," Miller said.
Earlier, Gazprom received advanced payment from Naftohaz Ukrainy for gas supplies in March but transferred the money back. "Evidently, there will be no gas supplies to Naftohaz Ukrainy starting from March 1," Gazprom Deputy CEO Alexander Medvedev said.
Stockholm arbitration ruled Feb. 28 that Naftohaz be paid $4.63 billion. Following two arbitration proceedings, Gazprom owes $2.56 billion.