Media: Polish PGNiG blocked Gazprom's funds for Nord Stream 2

The Polish Petroleum and Gas Mining Company, PGNiG, has blocked the payment of about 200 million dollars in dividends from the EuRoPol Gaz union to the Russian company Gazprom, which will prevent Russia from financing the construction of the Nord Stream 2 pipeline, as reported by Gazeta Polska Codziennie.

"PGNIG received consent from the Polish government on this action," the newspaper notes. The whole operation began at the General Meeting of EuRoPol Gaz on the 27th of June, 2016. At that time, the management of the company (48% owned by PGNIG, 48% by Gazprom, and 4% by Gaz-Trading, which is controlled by PGNIG) received an award of about 2 million zlotys.

The management of this company consists of six Russians (representatives of Gazprom) and seven Poles. The payment of bonuses was subject to the consent of the Russian co-owners on the transfer of about 540 million zlotys from foreign banks to the long-term account in PKO Bank Polski, which occurred in July and August.

De facto, this money belongs to Gazprom. However, they cannot be paid before the expiration of the deposit. Prior to crediting the funds to this account the management of PGNiG blocked the transfer of one of the awards from the General Meeting on June 27, 2016 relating to the payment of dividends.

The meeting was suspended in order to announce the decision on nonpayment of the dividends in early September, which were intended for the construction of the Nord Stream 2 pipeline.

Earlier it was reported that Poland managed to block the joint venture between Gazprom and other European companies for the construction of the Trans-Baltic Pipeline, Nord Stream 2.

Therefore, Gazprom will only be able to build a pipeline with the support of the partners and without the direct involvement of major European companies, making Nord Stream 2 more vulnerable to attack by political opponents.

  Poland, Russia, Gazprom, Nord Stream - 2