10:01 14.09.2018

Swedish appeals court withdraws temporary stay on court judgment in Naftogaz-Gazprom dispute

2 min read
Swedish appeals court withdraws temporary stay on court judgment in Naftogaz-Gazprom dispute

Sweden's Svea Court of Appeal has withdrawn a temporary stay on the Stockholm arbitration ruling in accordance with which Gazprom must pay Naftogaz Ukrainy $2.6 billion, Naftogaz Chief Commercial Officer Yuriy Vitrenko said on his Facebook page.

"The Swedish appeals court has considered our arguments and withdrawn its decision temporarily staying the obligatory execution in Sweden of the arbitration decision, consistent with which Gazprom must pay us more than $2.6 billion," he said.

"We have once again proved to everyone that Gazprom has to immediately implement the arbitration award. And now we are continuing enforcement on all countries," Vitrenko added.

The press service of Naftogaz, in turn, noted that Gazprom could suspend the process of forcible recovery, paying the debt voluntarily.

"In its ruling, the court noted it is not subject to appeal. The decision also means that the court considers it unlikely that Gazprom will succeed in contesting the decision of the Stockholm arbitration on the transit contract with Naftogaz. This appeal is considered in the same court," the statement says.

Gazprom has committed to not alienating Nord Stream AG shares prior to the conclusion of hearings in an English court on recognition of the Stockholm arbitration judgment in its transit dispute with Naftogaz.

In the event of a refusal by Gazprom to pay the debt, the Nord Stream shares will be sold, Vitrenko said.

"Gazprom must now decide - either it will redeem its debt to us, with interest and compensation of expenditures, or it will await the decision by the English court on the sale of Nord Stream shares towards payment of the debt, he said.

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