KYIV, Sept 26 – Naftogaz Ukrayiny launched a new arbitration against Russia's Gazprom seeking to collect compensation for the refusal to supply natural gas from March 2018, using a new formula approved by the Arbitration Institute of the Stockholm Chamber of Commerce late December 2017, Naftogaz Chief Commercial Officer Yuriy Vitrenko said.

"We have launched a new arbitration where we will make Gazprom to compensate the difference between the cost of gas we are buying on the European market and the cost that should have been under the contract changed by the tribunal," he said at a press conference in Kyiv on Tuesday.

He said that calculations of Naftogaz show that today the sum of the respective compensation exceeds $110 million.