NJSC Naftogaz of Ukraine has received a notice from Russia's Gazprom about its intention to terminate gas contracts.

Naftogaz Chief Commercial Director Yuriy Vitrenko said this at a briefing on Monday, an Ukrinform correspondent reports.

"We have received an official notice from Gazprom about the termination of the contract," Vitrenko said.

As reported, on February 28, the Arbitration Institute of the Stockholm Chamber of Commerce obliged Gazprom to pay NJSC Naftogaz $4.63 billion in compensation for the failure to meet its gas transit obligations. According to Naftogaz, this ruling means that Gazprom must pay Ukraine about $2.56 billion, taking into account the final payment for gas supplied in 2014 and 2015.

Gazprom CEO Alexei Miller said that Russia's Gazprom, after the Stockholm arbitration decision not in its favor, had launched the process of terminating contracts for the supply and transit of gas with Ukraine's Naftogaz.

In February 2018, Naftogaz made a prepayment to Gazprom, waiting for the start of gas supplies from March 1. However, the Russian company returned the full amount and refused to supply gas.

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