Gazprom's debt before Naftogaz grows to over US$2.8 bln since Feb 2018

REUTERS Debt of Russia&#39;s gas monopoly Gazprom before the National Joint Stock Company Naftogaz of Ukraine under the award by the Arbitration Institute of the Stockholm Chamber of Commerce has grown by 10% since February 2018, to US$2.817 billion. "The Tribunal ordered a single amount of US$2,560 million payable by Gazprom in favor of Naftogaz. As of June 30, 2019, amount due from Gazprom after the set-off comprises US$2,817 million including interest," read the financial statements published on the company&#39;s website. Thus, over 16 months of the Russian monopolist&#39;s failure to comply with the arbitration award, its debt before Ukraine rose by 10%. As UNIAN reported earlier, at the end of February 2018, Russia&#39;s gas monopoly Gazprom lost a lawsuit filed by Naftogaz with the Stockholm Arbitration over a gas transit contract. Gazprom was obliged to pay $4.6 billion to the Ukrainian side. Read alsoGas transit talks: Ukraine seizing initiative or taking Russian bait? At the same time, taking into account the arbitration award on the gas supply contract, the final amount of settlements between the two companies is $2.6 billion in favor of Naftogaz. Against the backdrop of their loss, Gazprom announced their intention to terminate via court its contracts with Ukraine for the supply and transit of gas. In March 2018, Gazprom officially notified Naftogaz of their refusal to comply with the arbitration award. In late May, Naftogaz began the process of forcing the $2.6 billion debt from Gazprom in foreign courts. The recovery process is under way in England, Switzerland and the Netherlands. Among the assets of interest to the Ukrainian side are the shares of companies operating the Nord Stream 1 and Nord Stream 2 gas pipelines.

Gazprom's debt before Naftogaz grows to over US$2.8 bln since Feb 2018

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