Naftogaz to start recovery of US$2.6 bln debt from Russia's Gazprom in April

Chief Commercial Officer of NJSC Naftogaz of Ukraine Yuriy Vitrenko says his company plans to start the recovery of $2.6 billion in Russian gas monopoly Gazprom's debt under a ruling by the Arbitration Institute of the Stockholm Chamber of Commerce in April.

"[The recovery of debt] may begin in the near future, as early as in April. We have already warned them [Gazprom]. Unfortunately, it's not a matter of a day or a week. It is a matter of months, perhaps six months. Therefore, we want them to pay off these funds voluntarily," Vitrenko told a Ukrainian TV channel on March 30.

Read alsoGazprom refuses to supply gas, pay off debt to Ukraine - Naftogaz"We do not understand why Gazprom fails to comply with the [arbitration] decision if certain political aspects are set aside. Based on economic or political circumstances, they must comply with this ruling," he added.

According to the official, Naftogaz plans to appeal to European courts to obtain an appropriate order to recover Gazprom's property located in Europe.

"For example, gas. If Gazprom's gas is stored in underground storage facilities in Europe, we can seize it. Or if gas is supplied to Europe, we can seize it too," Vitrenko said, adding that the company could also seek the seizure of shares in Nord Stream 1 and Nord Stream 2.

Read alsoNaftogaz expects to recover from Russia $8 bln over assets seized in CrimeaAs UNIAN reported earlier, Gazprom lost in a gas dispute with Naftogaz in the Stockholm Arbitration, which ruled that the Russian company should pay the Ukrainian company $2.58 billion (with fines). The court also ordered that Gazprom should supply up to 5 billion cubic meters of gas per year in 2018-2019 at prices corresponding to those at European gas hubs.

Against this background, Gazprom announced its plans to terminate in court its gas transit and supply contracts with Ukraine, and also reduced the pressure at the entry point to Ukraine's gas transmission system (GTS), which complicated the transit of gas to Europe and caused a temporary gas shortage in the GTS on March 2-3.

After the "gas" crisis was successfully tackled, the European Commission stated that Ukraine had fulfilled all its obligations for transit gas supplies.

On March 20, Gazprom officially notified Naftogaz that it refused to comply with the arbitration awards.

According to Naftogaz, the Ukrainian company rejected Gazprom's proposals to terminate existing contracts. The next round of negotiations between the companies is scheduled for April 2018.