Ukraine's Naftogaz threatens to seize Nord Stream 2 assets in Europe

Yuriy Vitrenko, Director for Business Development for Naftogaz Ukraine, has said that the company may appeal to the Swiss court to arrest shares of Nord Stream AG and Nord Stream 2 AG in connection with the recovery of debt from Gazprom. The debt recovery was mandated as part of a decision by the Stockholm Arbitration Court.

"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. Gazprom owns Nord Stream 1, a company that is registered in Switzerland. We can apply to the Court of Switzerland and seize shares of Nord Stream 1 and Nord Stream 2. Gazprom has many assets in Europe," Vitrenko said on Channel 24.

According to Vitrenko, Naftogaz plans to solve the issue of debt collection through negotiations, but is preparing to recover the debt from Gazprom through the European courts.

On Tuesday, Nord Stream 2 received all necessary permits from Germany for the construction and operation of the Nord Stream 2 gas pipeline.

Ukrainian President Petro Poroshenko said earlier that Russia's behavior following the decision of the Stockholm Arbitration Court on the payment of compensation by Gazprom to Naftogaz puts in question the safety of the Nord Stream 2 project for Europe.

The Stockholm Arbitration Court has ordered Gazprom to pay Naftogaz $4.63 billion dollars in compensation. In response, Alexei Miller, Chairman for the Russian company, said that Gazprom has initiated the termination of contracts for the supply and transit of gas with the Ukrainian company.

Nord Stream AG is the operator of the operating Nord Stream 1 gas pipeline; Nord Stream 2 AG is the operator of the Nord Stream 2 project.

  Nord Stream 2, Naftogaz, Gazprom