Aequo acts for Naftogaz in USD 1.3 billion arbitration victory

Aequo, in team with Wikborg Rein, Nybron and Gabriel Arbitration, has acted for Naftogaz of Ukraine in an ICC arbitration against Gazprom for failure to comply with a 2019 contract for 2020–2024 gas transit through Ukraine.

The dispute arose from Gazprom's unilaterally decreasing transit gas volumes and payments following Russia’s invasion of Ukraine, breaching its ship-or-pay contractual obligations.

In June 2025, the tribunal of Swiss, Swedish and Israeli arbitrators, following the proceedings held in Zurich under ICC rules, awarded Naftogaz USD 1.3 billion in damages and costs plus interest, upholding its claims and affirming Gazprom’s contractual liability.

This is one of the most significant arbitral wins by Naftogaz following awards of 2017 and 2018 in other arbitration proceedings with AEQUO’s participation, resulting in Gazprom’s paying to Naftogaz up to USD 3 billion as a part of broader settlement that included the gas transit contract underlying the recent award.

Aequo team working on the matter included Oleksiy Filatov, Kseniia Koryukalova, Pavlo Otenko, and Myroslava Kalynovska.