20:47 21.03.2019

British court's ban on Gazprom's withdrawing assets from England and Netherlands remains in force – Naftogaz

1 min read
British court's ban on Gazprom's withdrawing assets from England and Netherlands remains in force – Naftogaz

The Commercial Court of England has suspended proceedings in the case on the enforcement in the territory of England and Wales of the decision of the ArbitrationInstitute of the Stockholm Chamber of Commerce on the transit dispute between Naftogaz and Gazprom, imposing certain obligations on Gazprom, in particular regarding non-hiding and non-withdrawing its assets from the jurisdictions of England and the Netherlands, the press service of the Ukrainian company has said.

"In addition, Gazprom is obliged within 28 days from the time the application is satisfied to transfer cash security to the court's account or the escrow account of one of the London banks as a guarantee of fulfilling the court requirements," Naftogaz said.

The Ukrainian company says if Gazprom fails to comply with the court decision it will be sanctioned in the form of fines or criminalization of directors or other officials, and Naftogaz will be able to continue executing the decision of the Stockholm arbitration without hindrance in the territory of England and Wales.

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