Global Markets

Gazprom and Naftogaz renew hostilities

This week’s arbitration ruling seems to have exacerbated tensions between Moscow and Kiev rather than calming them This week’s arbitration ruling seems to have exacerbated tensions between Moscow and Kiev rather than calming them.
By The Wildcat 2 March 2018 0 29831
Ukrainian President Petro Poroshenko. Ukrainian President Petro Poroshenko. (PA)

A sustained period of sub-zero temperatures across Northwest Europe has shone a spotlight on the UK’s fragile gas supply margins and renewed criticism of the decision to close the Rough storage facility. But while the freezing conditions sent prices spiralling upwards at Europe’s major gas hubs, a more familiar scenario was playing out on the continent’s eastern limits. 

Wednesday’s verdict from the Stockholm arbitration court on the dispute between Russia’s Gazprom and Ukraine’s Naftogaz Ukrainy was met with delight in Kiev and disdain in Moscow. Gazprom...