Naftogaz Ukrainy, in its attempt to collect $2.6 billion from Gazprom pursuant to a decision by the Arbitration Institute of the Stockholm Chamber of Commerce, has taken measures in Luxembourg, which is home to Gazprom's eurobond issuer and the offices of large banks organizing syndicated loans for the Russian gas monopoly.

"On 15 February 2018 NJSC Naftogaz Ukrainy sent a notification to Luxembourg branches of major banks and Gaz Capital S.A. on the seizure of any liabilities and assets of PJSC Gazprom in Luxembourg," Gazprom said in its IFRS report. The report lists Luxembourg-based creditors such as Deutsche Bank Luxembourg S.A. and Intesa Sanpaolo Bank Luxembourg S.A.

On 15 April 2019 PJSC Gazprom filed a petition with the court of Luxembourg to challenge the seizure and intervene in order to defend its rights.

The Naftogaz statement was issued a week after Gazprom placed $1.25 billion in seven-year eurobonds via SPV Gaz Capital.

Gazprom conducted meetings with investors in Switzerland in March, but no placement has followed these meetings. One of the reasons is the necessity to further improve upon the issuing documents. Another reason for a possible pause in the company's financial activity may be a change in the management of the financial bloc: in April, Famil Sadygov of Gazprombank replaced Andrei Kruglov as deputy chairman of the board at Gazprom.

Despite Gazprom not carrying out new public external borrowing since early February, the Gazprom report confirms continuing active operations with Intesa Sanpaolo Bank Luxembourg S.A.