The Russian gas monopoly Gazprom has disclosed new details on the attempts made by Naftogaz of Ukraine to seize its assets in order to implement the ruling of the Stockholm Arbitration Institute, which ordered Gazprom to pay the Ukrainian company more than $2.5 billion in compensation, Radio Liberty reports.
According to Gazprom’s latest financial report, on 15 February, Naftogaz notified the Gazprom subsidiary “Gaz Capital” and the largest banks in Luxembourg that all of Gazprom’s assets and debts in the country were being seized. On 15 April, the Russian monopoly appealed the seizure in court.
Previously, both Naftogaz and Gazprom had made only casual references to the fact that Naftogaz is taking steps to implement the arbitration court’s ruling by collecting Gazprom’s debt in Luxembourg.
At present, the Ukrainian company is carrying out similar procedures in the Netherlands, the UK, Switzerland and the US. Naftogaz claims that it will soon be able to initiate procedures in other countries, and that it is still searching for assets belonging to Gazprom in other jurisdictions.
In December 2017 and February 2018, the Arbitration Institute of the Stockholm Chamber of Commerce ordered Gazprom to pay Naftogaz $2.56 billion for failing to fulfill its obligations in a contract to transit gas through Ukraine. Gazprom has appealed the decision, but this has not prevented Naftogaz from implementing the court ruling.