Ukraine's Supreme Court upheld a Stockholm arbitral award requiring Naftogaz Ukraine to make an in-kind payment of 12.1 billion cubic meters of gas (worth US $3.6 b. in today's European prices) to Swiss trading company Rosukrenergo, which is 50% owned by Russia's Gasprom. The dispute arise in 2009, when Naftogaz bought the trader's $1.7 b. debt to Gasprom, took 11 billion cubic meters from the trader's underground storage facility to satisfy the debt, and made a direct supply agreement with Gasprom. The arbitral award, providing for a return of the gas together with a penalty, could force Ukraine to decide between rescuing the company or letting it go bankrupt.
For an English translation of the decision, see http://www.sccinstitute.com/filearchive/3/38196/Ruling%20of%20the%20Supreme%20Court%20of%20Ukraine%2024%20November%202010_2.pdf
www.vedomosti.ru/newspaper/article/250452/ostalsya_s_gazom
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