Naftogaz starts recovering $2.6 bln debt from Gazprom across Europe

Ukrainian President Petro Poroshenko has said National Joint-Stock Company Naftogaz of Ukraine started the process of recovering a debt of $2.6 billion from Russian gas monopoly Gazprom in foreign courts in the framework of execution of the decision of the Stockholm Arbitration Court.

"The encumbering process on Gazprom's assets has begun today in the framework of the dispute won [by Ukraine] in Stockholm," the president said at a meeting with Naftogaz CEO Andriy Kobolyev, adding that the recovery process has already begun in UK, Switzerland and the Netherlands.

Read alsoGazprom appeals for complete reversal of court decision on gas transit via UkraineAs UNIAN reported earlier, Gazprom lost a gas dispute with Naftogaz in the Stockholm arbitration court and was obliged to pay the Ukrainian company some $2.56 billion and supply up to 5 billion cubic meters of gas per year in 2018-2019 at prices in line with those at European gas hubs.

Despite the defeat, Gazprom announced plans to terminate the contract with Ukraine for the supply and transit of gas, and lowered the pressure in the gas transmission system (GTS), which complicated gas transit shipments to Europe and caused a temporary gas shortage in the GTS (March 2-3).

Read alsoUkraine to retain status of gas transit state: Poroshenko-Steinmeier talksAfter the gas crisis was successfully addressed, the European Commission stated that Ukraine had fulfilled all its gas transit obligations.

Late in March, Gazprom officially notified Naftogaz it would not implement the arbitration award.