11:37 16.11.2018

Ukraine sells 40% in Donetsk-based YUZHNIIGIPROGAZ Institute belonged to Gazprom

2 min read

 Ukrainian authorities seized and sold a 40% stake in PJSC YUZHNIIGIPROGAZ Institute (Donetsk) belonged to Russia's Gazprom, the company has said in new financial statements on Wednesday.

On August 22, the forced sale of the shares in PJSC YUZHNIIGIPROGAZ Institute belonged to Gazprom took place at an auction, the Russian company said.

The report also reflects the removal of the asset from the balance sheet of PJSC Gazprom.

As reported, the Antimonopoly Committee in January 2016 decided to fine Gazprom UAH 85 billion for abuse of its monopoly of the Ukrainian market for transit shipments of natural gas. This decision was upheld on several occasions by Ukrainian courts. In April 2017, the sum of the fine had grown to UAH 172 billion (about $6.4 billion) with penalties for nonpayment.

Gazprom's attempts to challenge the decision in Ukrainian courts were a failure.

In October 2018, Gazprom, in accordance with UNCITRAL arbitration rules, initiated an arbitration settlement against Ukraine with the goal of safeguarding its interest on its territory in connection with Ukraine, in the form of the Antimonopoly Committee, has groundlessly and unjustly levied a fine against Gazprom amounting to more than $6 billion (including penalties) for supposedly abusing its monopoly position on the Ukrainian gas transit market.

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