14:48 14.06.2018

Naftogaz hopes Swedish appeals court annuls suspension of award after submitting own counter-evidence

2 min read
Naftogaz hopes Swedish appeals court annuls suspension of award after submitting own counter-evidence

National joint-stock company Naftogaz Ukrainy hopes that Sweden's Svea Court of Appeals would annul its order to suspend the enforcement of the award of the Arbitration Institute of the Stockholm Chamber of Commerce after the company submits its own counter-evidence, the press service of the company has reported.

"The court made the decision without calling Naftogaz to court, and respectively, it did not take into account explanations and arguments that Naftogaz Ukrainy would have presented if the court notified the company about the availability of the petition filed by Gazprom and about the hearing of the petition by the court. The decision is temporary. The company would soon submits its detailed explanations and counter-arguments and expects that taking them into account, the court would annul the decision to suspend [the enforcement]," the press service said.

The press service said that the order of the court of appeals means the temporary suspension of Naftogaz's steps in the procedure of collecting $2.6 billion from Gazprom. The decision does not annul the awards of the Arbitral Tribunal and does not allow Gazprom to demand to return $2.1 billion taken as compensation to Naftogaz under a decision of the arbitrator.

As reported, Sweden's Svea Court of Appeals on June 13, 2018 satisfied a petition of Russia's Gazprom and issued an order to suspend the execution of the award of the Arbitration Institute of the Stockholm Chamber of Commerce issued on February 28, 2018 in the lawsuit between Gazprom and Naftogaz Ukrainy for the gas transit contract.

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