Economy

Naftogaz says Gazprom misrepresents latest Swiss court ruling on Nord Stream share freeze

 In denying that Switzerland's Zug superior court has reinstated the attachment of Gazprom's shares in Nord Stream AG and Nord Stream 2 AG, the Russian gas giant is misrepresenting the court's ruling, Naftogaz Ukrainy said in a statement.

"Gazprom is deliberately misrepresenting the words and altering the understanding. The superior court of the Swiss canton of Zug has reinstated the attachment which was lifted by the decision of the local debt enforcement office's decision to strike the Nord Stream AG and Nord Stream 2 AG shares from the list of attached assets. Under the court's decision, the attachment of those shares has been reinstated at least until the court makes a ruling on Naftogaz's appeal of the DEO decision," it said.

The Zug court had attached the shares on May 29, 2018 under a claim filed by Naftogaz seeking enforcement of the Stockholm arbitration ruling of February 28, 2018.

On July 4, the Zug court reinstated the attachment, which was lifted by the DEO "solely based on the statements of Nord Stream AG and Nord Stream 2 AG that the shares to be attached were not located within canton Zug and thus within the DEO's jurisdiction," Naftogaz said in a press release.

In a July 5 statement, Gazprom denied that the attachment had been reinstated. Rather, it said that "the Swiss court had suspended the exclusion of the Nord Stream AG and Nord Stream 2 AG shares from the list of attached assets concerning enforced recovery measures against Gazprom's holdings in those companies. The exclusion has been suspended while Naftogaz Ukrainy's claim against the actions of the court bailiffs is examined," Gazprom said.

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