Alexey Miller, Chairman of the Management Committee of Gazprom, the Russian energy giant, said that the process of termination of existing contracts with Ukrainian Naftogaz would take about two years.
“No doubt, the procedure of contract termination is not very fast. Apparently, it will take approximately one and a half or two years,” Gazprom CEO noted.
On March 5, Gazprom notified Naftogaz that the group had commenced the procedure of contract termination through Stockholm arbitration court.
Rustam Tankaev, a member of the Committee for Energy Strategy at the Chamber of Commerce and Industry of Russia, assessed the consequences for Ukraine and Europe caused by the contract termination. Ukraine will stop receiving money for transit while this is almost the only source of the country’s budget. As for Europe, it will face a gas crisis, according to Tankaev.