On 28 February 2018, the arbitral tribunal in the case between Naftogaz of Ukraine and Russian gas supplier Gazprom issued its third and last arbitral award.

The case is globally the largest ever arbitration case in terms of value, with a total disputed value of approximately 125 billion U.S. dollar, out of which Gazprom had demanded approximately 81 billion U.S. dollar. The end result was that Gazprom shall pay 2.6 billion U.S. dollar to Naftogaz. In previous awards the arbitral tribunal has reduced the price payable by Naftogaz for gas deliveries, invalidated clauses that were unconscionable to Gazprom’s advantage and rejected Gazprom’s take or pay claims. Naftogaz has been represented by Gernandt & Danielsson Advokatbyrå (partners Björn Tude and Marcus Johansson) alongside Norwegian firm Wikborg Rein. Aequo has advised on Ukrainian law. The case is discussed e.g. in Forbes at https://www.forbes.com/sites/kenrapoza/2018/03/01/in-shocking-turn-of-events-russia-now-owes-ukraine-billions/