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25 25.35
27.6 28.35
Politics 2019-08-17T04:03:22+03:00
Ukrainian news
Amsterdam And Luxembourg Courts Reject Gazprom’s Appeals Against Enforcement Of Stockholm Arbitration Decision

Amsterdam And Luxembourg Courts Reject Gazprom’s Appeals Against Enforcement Of Stockholm Arbitration Decision

The Amsterdam Court of Appeal and a district court in Luxembourg have dismissed the appeals that the Gazprom gas company (Russia) filed against enforcement of the decision of the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) in a dispute over the gas transit contract between Gazprom and the Naftogaz of Ukraine national energy company.

The Naftogaz of Ukraine national energy company announced this in a statement, the Ukrainian News Agency reports.

"The Amsterdam Court of Appeal (Netherlands) has dismissed Gazprom’s complaint regarding the court’s jurisdiction, thereby confirming its authority in the case involving recognition and enforcement of the Stockholm arbitration decision in the Netherlands," the company said in the statement.

The court made the relevant decision on July 8, 2019.

On the same day, a district court in Luxembourg ruled in favor of Naftogaz of Ukraine.

According to the statement, the district court rejected a complaint by Gazprom and upheld the seizure of the Russian company’s assets on the territory of the country as part of the enforcement of the Stockholm arbitration decision.

As Ukrainian News Agency earlier reported, the Arbitration Institute of the Stockholm Chamber of Commerce will hear Naftogaz of Ukraine’s claim of USD 11.58 billion against Gazprom in April 2021.

The High Court of England and Wales (London) suspended proceedings on enforcement of the Stockholm arbitration decision in England and Wales in March.

Naftogaz of Ukraine has stated that it is willing to reduce the size of its claim against Gazprom at the Arbitration Institute of the Stockholm Chamber of Commerce from USD 12 billion to USD 2 billion if a long-term contract for transit of natural gas through Ukraine is concluded.

Naftogaz of Ukraine’s Board Chairman Andrii Kobolev has said that the company is willing to withdraw or amend the claim it filed against the Gazprom at the Arbitration Institute of the Stockholm Chamber of Commerce over their contract for transit of natural gas through Ukraine if a long-term contract for gas transit is concluded.

Naftogaz of Ukraine filed a claim with the Arbitration Institute of the Stockholm Chamber of Commerce on July 6, 2018, asking the Arbitration Institute to revise the gas transit tariff under its contract with Gazprom, and tentatively assessed its monetary claim at USD 11.58 billion, excluding interest.

The Arbitration Institute of the Stockholm Chamber of Commerce ruled in favor of Naftogaz of Ukraine on February 28, 2018, in a dispute in which it claimed USD 4.63 billion from Gazprom as compensation for failing to deliver the agreed volumes of natural for transportation on transit through Ukraine.

According to Naftogaz of Ukraine, the net payment that Gazprom will have to make to it is USD 2.56 billion since the arbitration institute previously ordered Naftogaz of Ukraine to pay Gazprom for gas supply arrears.


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