10:15 30.05.2018

Naftogaz starts recovering debt of $2.6 bln from Gazprom

2 min read
Naftogaz starts recovering debt of $2.6 bln from Gazprom

National joint-stock company Naftogaz Ukrainy has started recovering a debt of $2.6 billion from Russia's Gazprom in foreign courts to execute the award of the Arbitration Institute of the Stockholm Chamber of Commerce, a source in the Ukrainian government has told Interfax-Ukraine.

He said that the company is working in Switzerland, the Netherlands and the U.K. under Article 5 of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

"It is likely that Gazprom would challenge arrests in local courts. If the court rejects [Gazprom's counterclaims], then one can say that assets are arrested," the source said.

Earlier a source in the sector told Interfax that the arbitration proceedings between Russian gas giant Gazprom and Naftogaz Ukraine over their transit contract could affect shares in the project companies for the offshore gas pipelines Nord Stream and Nord Stream 2.

The source said that this refers to the imposition of injunctions on shares in Nord Stream AG and Nord Stream 2 AG. These shares have already been frozen, the source said.

Interfax does not have official confirmation of the reported freeze on shares in the project companies. Gazprom's press service only said that it is clarifying this issue. Naftogaz Ukraine has not responded to questions, while the representative of Nord Stream 2 was unavailable for comment.

It was reported earlier that a Stockholm arbitration court ordered Gazprom to pay Naftogaz Ukraine a penalty of $4.7 billion. Gazprom has filed a challenge in the Svea Court of Appeal to overturn this ruling.

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