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 Gazprom’s Dutch assets attached to secure $2.6B settlement, - Naftohaz

Last week, Naftohaz, Ukraine’s national oil and gas company, filed a petition for an attachment of Gazprom’s shares in its Dutch subsidiaries and any debts owed from these subsidiaries to Gazprom. These petitions were made to secure Naftohaz's right to payment of $2.6 billion by Gazprom pursuant to the arbitration award issued in February 2018.

As reported by Censor.NET citing the statement by the Corporate Communications Department of Naftohaz Ukrainy NJSC, a Dutch court approved the petitions. However, six out of seven of Gazprom's Dutch subsidiaries have refused to cooperate with the bailiffs.

Naftohaz press office says this does not affect the validity of the attachments.

"Naftohaz will use all legitimate measures and tools available to us to enforce the decision and fully recover the amount awarded from Gazprom. Unfortunately, the company is not acting in good faith, in respect neither of the arbitration awards, nor with the orders of European courts in other jurisdictions", Naftohaz CEO Andrii Koboliev commented on the news.

"The tribunal has ruled that Gazprom has to reimburse to Naftohaz $4.63 billion in damages for failing on the transit contract. We have already effectively received USD 2.1 billion which pursuant to the award in the transit case was offset against the payment for gas Naftohaz had purchased from Gazprom before. Now we are working to recover the remaining amount," said CCO Yurii Vitrenko.

In April 2014, Gazprom increased the gas price for Naftohaz by over 80 percent within days following the occupation of Crimea by the Russian Federation. Naftohaz challenged the ill-grounded price hike in the arbitration, and the tribunal decreased the payment for gas off-taken in 2014-2015 by approximately $1.8 billion. In addition, the tribunal rejected Gazprom’s take-or-pay claim as unconscionable, resulting in nearly $77 billion savings for Naftohaz until the expiry of the contract in 2019.

Naftogaz has moved to attach assets in other jurisdictions as well, including the shares of Gazprom’s subsidiaries Nord Stream AG and Nord Stream 2 AG in Switzerland. The bailiffs are working on effecting the freeze after the Swiss court has granted the petition of Naftohaz.

Gazprom’s appeal against the Stockholm arbitration awards does not postpone the Russian company’s obligation to settle immediately and has no effect on the enforcement process, which was confirmed by the swift decisions of courts in various European jurisdictions last week.

On Feb. 28, 2018, Stockholm Arbitration Tribunal ruled that Naftohaz be paid $4.63 billion. Following two arbitration proceedings, Gazprom owes $2.56 billion.

Later on, Gazprom reversed Naftohaz Ukrainy the advanced payment it received for gas supplies in March. "Evidently, there will be no gas supplies to Naftohaz Ukrainy starting from March 1," Gazprom Deputy CEO Alexander Medvedev said.

CEO of the Russian gas giant Alexey Miller said March 2 that Gazprom had to immediately start the procedure for the termination of gas contracts with Naftohaz Ukrainy at the Stockholm Arbitration Institution.

The European Commission called on Ukraine and Russia to find immediate solutions in line with the decisions of the Stockholm Arbitration Tribunal.

Источник: https://censor.net.ua/en/n3069749