Summary

In February 2018, an arbitral tribunal in Stockholm, Sweden, issued its final award in an epic, four-year legal battle between Ukraine's Naftogaz and Russia's Gazprom. The total claims were reported most consistently as $44 billion by Gazprom and $26.6 billion by Naftogaz, leading to suggestions that this was the largest arbitration case ever. In a stunning legal victory for Ukraine, the tribunal ordered Gazprom to pay Naftogaz $2.56 billion. The arbitral tribunal handed Ukraine a significant win, but that did not end this David and Goliath fight. Within 24 hours ...