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Economy 2020-02-18T04:03:34+02:00
Ukrainian news
Seizure Of Gazprom's Assets In Europe Lift At Request Of Naftogaz

Seizure Of Gazprom's Assets In Europe Lift At Request Of Naftogaz

arrest, Naftogaz, assets, Gazprom, Stockholm Arbitration

The arrests and interim measures regarding the assets of the Gazprom company (Russia) in England and Wales, the Netherlands and Luxembourg, imposed by the claims of the Naftogaz of Ukraine national joint stock company, have been lifted.

The Russian news agency TASS has said this in a statement, Ukrainian News Agency reports.

Holding notes that obligations to the court (Undertakings) of Gazprom, South Stream Transport B.V. and Blue Stream Pipeline Company B.V. were discontinued by a court order in England of January 14, 2020.

“The law firm DLA Piper London confirmed that this is sufficient to terminate the obligations of the court in England. Besides, Naftogaz lawyers sent letters on January 10 to Gazprom lawyers and Dutch companies of the Gazprom group regarding the lifting of arrests in the Netherlands. DLA Piper Amsterdam confirmed that this is sufficient to remove the arrests in the Netherlands," the statement reads.

As for assets in Luxembourg, on January 11, Naftogaz and Gazprom signed acts to withdraw the requirement for arrests of February 15/22 and July 26/31, 2019.

“Naftogaz lawyers sent letters to Luxembourg banks and companies on January 13, 2020, for which arrests were made on February 15/22 and July 26/31, 2019. Arendt & Medernach confirmed that these actions are sufficient to lift the arrests in Luxembourg, provided banks and companies remove the restrictions imposed by them on the basis of arrests," the statement reads.

In turn, Naftogaz on its Facebook page noted that the arrests on Gazprom’s assets were imposed with the aim of paying off a debt by a Russian company in accordance with the decision of the Stockholm Chamber of Commerce Arbitration Institute.

“People write to us and ask what is this a kind of treason. We explain. These arrests were imposed on Gazprom’s assets in different jurisdictions in order to force it to pay a debt under the decision of the Stockholm arbitration, USD 2.9 billion. We received USD 2.9 billion from Gazprom on December 27, 2019. Debt has been recovered,” the statement reads.

As Ukrainian News Agency earlier reported, on December 30, Naftogaz, the state-owned company Gas Transmission System Operator (GTS) of Ukraine, and Gazprom (Russia) signed an agreement on the transit of Russian gas to Europe through Ukraine since 2020.

Also, Ukraine and Gazprom (Russia) signed an amicable agreement on Ukraine’s refusal of a fine of USD 7.4 billion imposed by the Antimonopoly Committee of Ukraine (AMCU) on Gazprom for abuse of its monopoly position.

Ukraine and Russia agreed that under the new gas transit contract for 5 years, which could be extended after 2024, the transit volume in 2020 will be 65 billion cubic meters of gas, and in 2021-2024 - 40 billion cubic meters of gas.

On December 27, Naftogaz received USD 2.918 billion from Gazprom pursuant to a decision by the Arbitration Institute of the Stockholm Chamber of Commerce.

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