20:03 31.08.2018

British court to hold hearing on lifting freeze on Gazprom assets in Naftogaz lawsuit on Sept 4-5

2 min read

The British court on September 4-5 will hold hearings on the issue of lifting the seizure of Gazprom's assets on the lawsuit of Naftogaz Ukrainy, which is trying to recover $2.6 billion from the Russian company before the consideration of Gazprom's appeal against the court's decision to pay this amount to the Ukrainian side, the deputy head of the legal department of Gazprom, Yury Ivanov, has said during a conference call for investors.

The activity of Naftogaz in the UK most harms Gazprom's plans to attract financing in the international financial market. In connection with the risk of arrest of the raised funds, the placement of Gazprom eurobonds in GBP was canceled in June.

"We see a slight increase in risks in the money market associated with the transfer of funds in the UK. We paused for some instruments to discuss this issue with the lawyers to fully exclude any risks with respect to our funds, which could be arrested in the territory of Great Britain," Alexander Ivannikov, the head of Gazprom's financial and economic department, said.

He said the concern does not change its plans for borrowings this year (it is 417 billion rubles). In particular, he noted on August 30 the company completed a certain "bilateral deal" without giving details about it.

Ivanov also noted that Naftogaz had not submitted any documents regarding the seizure of Gazprom's assets to the Dutch court, but for the third time requested that it be granted a deferment for the provision of such documents.

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