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Politics 2019-11-14T04:02:40+02:00
Ukrainian news
Amsterdam Court Freezes Gazprom Subsidiary’s Shares Based On Naftogaz Lawsuit

Amsterdam Court Freezes Gazprom Subsidiary’s Shares Based On Naftogaz Lawsuit

court, Naftogaz, Gazprom

The Amsterdam District Court has frozen 100 percent of the shares in South Stream Transport B.V., a subsidiary of the Gazprom gas company (Russia), based on a lawsuit filed by the Naftogaz of Ukraine national energy company.

Naftogaz of Ukraine announced this in a statement, the Ukrainian News Agency reports.

"On October 22, the Amsterdam court approved Naftogaz of Ukraine’s request to freeze 100% of the shares in Gazprom's subsidiary South Stream Transport from October 23," the company said in the statement.

According to Naftogaz of Ukraine, Gazprom is refusing to pay a debt of USD 2.56 billion to Naftogaz of Ukraine as of October 25, and it has already begun taking measures aimed at preventing enforcement of an arbitration award, including transfer of assets such as South Stream Transport’s shares held by other business entities.

"That is why Naftogaz of Ukraine initiated a separate lawsuit in the Amsterdam court, where it proved that of Gazprom’s actions involving transfer of shares in South Stream Transport B.V. to its subsidiary are illegal. The share of South Stream Transport B.V. have not been frozen," the statement said.

As Ukrainian News Agency earlier reported, the Naftogaz of Ukraine intends to send claims for more than USD 11 billion to Gazprom on November 1, 2019.

Gazprom has demanded that Naftogaz of Ukraine withdraw its claims against it before conclusion of a new contract for transit of Russian gas through Ukraine.

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.

According to the Naftogaz of Ukraine, Gazprom’s debt to the Naftogaz of Ukraine has increased by USD 257 million or 10% to USD 2.817 billion following the outcome of the two arbitration proceedings at the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden).

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 Russian natural gas through Ukraine is concluded.

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