Victory! Gazprom coughs up USD 1.5 bln owed to PGNiG

PGNiG won the arbitration proceedings against Gazprom on March 30. Andrzej Hrechorowicz/PAP

Russian gas conglomerate Gazprom has reimbursed Poland's gas monopolist PGNiG with PLN 1.5 bln following a Stockholm arbitration court verdict which said the Russian firm had used excessive prices in transactions with PGNiG.

The excessive prices were used since November 1, 2014.

PGNiG won the arbitration proceedings against Gazprom on March 30.

Gazprom said it was still contesting the arbitration court's ruling and has appealed to a higher court.Gazprom

Polish presidential aide Krzysztof Szczerski, commenting on the money transfer, said on Wednesday that Poland won a huge diplomatic and legal victory over Gazprom.

The verdict will let PGNiG reduce gas prices for Polish consumers, Szczerski added.

Presidential aide Krzysztof Szczerski said on Wednesday that Poland had won a huge diplomatic and legal victory over Gazprom.Darek Delmanowicz/PAP

Polish energy regulator URE in mid-June reduced by 10.6 percent the prices of gas sold to households by PGNiG due to low prices of the commodity on the commodity exchange.

Gazprom said it was still contesting the arbitration court's ruling and has appealed to a higher court.