Gazprom must pay Ukraine’s Naftogaz $2.56 billion after losing a contract dispute over Russian transit gas flows to Europe, Naftogaz said late Wednesday. * Contract covers Russian gas flows to EU to end-2019 * Gazprom slams ruling, looks to defend legal rights * Ongoing dispute could delay post-2019 transit accord The Stockholm arbitration court ruled that “Gazprom had defaulted on its obligations regarding volumes to be transited and awarded damages of $4.6 billion,” Naftogaz said. This award becomes around $2.56 billion after taking into account residual payments Ukraine must make to Gazprom for gas delivered in 2014 and 2015. Naftogaz had sued for some $15 billion plus interest for alleged underpayments and under-deliveries under the disputed 10-year transit contract that runs to end-2019. Gazprom reduced transit flows through Ukraine after it brought its 55 Bcm/year Nord Stream 1 gas pipeline that runs directly to Germany across the Baltic Sea […]