Ukraine is fighting for energy independence, to consternation of energy barons

Ukraine’s natural gas industry won a landmark case against Russia on Feb. 28, when a Stockholm arbitration court ruled that Gazprom, Russia’s state-controlled gas company, owed its Ukrainian counterpart Naftogaz $4.6 billion for failing to deliver gas to Ukraine for transit onward to Europe.

After taking into account a previous ruling requiring Naftogaz to pay debts to Gazprom, it meant the Ukrainian state company was owed nearly $2.6 billion by Russia’s giant, state-controlled gas company.