REUTERS
Assets of Russia's gas giant have been frozen by court rulings in a number of states, and work is underway to involve other countries in recovering Gazprom's debts.
Chief Commercial Officer of NJSC Naftogaz of Ukraine Yuriy Vitrenko says the debt of Russia's gas monopoly Gazprom before Naftogaz grew by almost US$200 million, as the Russian company has failed to repay $2.56 billion to Ukraine under the award by the Arbitration Institute of the Stockholm Chamber of Commerce.
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"We will force Gazprom to execute the decision of the Arbitration on the [gas] transit case and pay us $2.6 billion plus almost $200 million in interest accumulated over the year," he said on February 28.
While the Russian part is seeking to appeal the verdict in the Svea Court of Appeal (Sweden), the Ukrainian company has initiated the process of executing the arbitration decision by enforcing the recovery of Gazprom's debt in such jurisdictions as the Netherlands, Great Britain, Switzerland, the United States, and Luxembourg. Assets of the Russian gas giant have been frozen by court rulings in a number of states, and work is underway to involve other countries in the recovery of Gazprom's debts.
As was earlier reported, on February 28, 2018, the Stockholm Arbitration ruled that Gazprom pay Naftogaz more than $4.6 billion for the short supply of gas for transit provided for in bilateral agreements. Earlier, the court confirmed the Ukrainian company's $2 million debt for the supply of gas. As a result of two arbitration disputes between the companies regarding the supply and transit of gas, Gazprom shall pay $2.56 billion to Naftogaz. On March 21, 2018, the Russian gas monopoly also appealed the arbitration decision on the gas supply contract. 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 tariff set in March 2013, and pay $12.5 billion in debt. Russia'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.
Naftogaz earlier informed how it would force Gazprom to pay debts under the Stockholm Arbitration's award: the Ukrainian company is interested in Gazprom' shares.