Court hearings on Natogaz's claim to freeze Gazprom assets scheduled for June and December

Photo from eer.ru Preliminary hearings in Luxembourg on a claim filed by NJSC Naftogaz of Ukraine demanding that assets of Russia&#39;s Gazprom be frozen are scheduled for June 2019. This is stated in Gazprom&#39;s quarterly IFRS reporting, the Ukrainian news portal liga.net said. To protect its rights, Gazprom in April 2019 filed a lawsuit in a Luxembourg court challenging the seizure. Read alsoNaftogaz, Ukrgasvydobuvannya enhance cooperation with Halliburton On May 24, Gazprom also appealed to the Court of Appeals of Luxembourg against a decision of a Luxembourg court dated March 12 on the recognition and enforcement of a transit award in Luxembourg. No appeal date has been set. According to the company&#39;s quarterly report, a hearing in a court in the Netherlands in a similar case will be held in December 2019. As UNIAN reported earlier, the Stockholm Arbitration on February 28, 2018, ruled that Gazprom should pay Naftogaz more than US$4.6 billion for the short supply of gas for transit provided for in bilateral agreements. Earlier, the court confirmed the Ukrainian company&#39;s US$2 billion debt for consumed Russian gas. As a result of two arbitration disputes between the companies regarding the supply and transit of gas, Gazprom shall pay US$2.56 billion to Naftogaz. In early March 2018, Gazprom warned about the beginning of the termination of bilateral agreements with the Ukrainian side. In July 2018, Naftogaz lodged a second lawsuit against Gazprom with the Stockholm Arbitration. The Ukrainian company demands that the Russian company revise gas transit tariffs set in March 2013, and pay $12.5 billion in debt. Russia&#39;s Gazprom, in turn, filed a lawsuit for termination of the gas transit contract with Naftogaz. The Stockholm Arbitration combined both claims into one case. Litigation to seize Gazprom&#39;s assets is under way in England, Switzerland and the Netherlands. Among the assets of interest to the Ukrainian side are shares of companies that operate the Nord Stream 1 and Nord Stream 2 gas pipelines. Every day of delay in the payment of the award adds $0.5 million to Gazprom&#39;s debt before Naftogaz, which amounted to $2.7 billion as of the end of November 2018.

Court hearings on Natogaz's claim to freeze Gazprom assets scheduled for June and December

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