KIEV, June 23 (RAPSI) – Kiev may file with the Arbitration Institute of the Stockholm Chamber of Commerce a lawsuit seeking revision of a gas transit contract with Russia’s Gazprom, Naftogaz of Ukraine CEO Andrei Kobolev told journalists on Monday.

Gazprom in turn has already filed a lawsuit in Stockholm to recover Ukraine’s $4.5 billion debt for gas.

According to Gazprom, a lawsuit was filed because Naftogaz failed to honor the provisions of the 2009 gas supply contract and owes Gazprom considerable funds for the gas delivered. Also, Gazprom says Naftogaz is not paying for current deliveries.

Last Monday, Gazprom announced that it would use a prepayment system for natural gas distribution to Ukraine as of 10 AM Moscow time. Ukraine is requesting that Gazprom review a number of provisions in its contract with Naftogaz, primarily a reduction in the price, which Kiev believes is unreasonably high. Ukrainian Energy Minister Yuriy Prodan said the existing debt for Russian gas, which Gazprom estimated at $3.5 billion, could also be reduced.

Naftogaz Ukraine is Ukraine’s largest oil and gas company. It produces over 97% of the oil and gas in the country.