13:48 24.09.2019

Naftogaz says Gazprom's debt has increased by $257 mln over non-fulfillment of tribunal's ruling

2 min read
Naftogaz says Gazprom's debt has increased by $257 mln over non-fulfillment of tribunal's ruling

Gazprom's debt to Naftogaz Ukrainy due to its non-fulfillment of a Swedish arbitration tribunal's determination that Gazprom owes the Ukrainian company $2.56 billion had grown to $257 million as of June 30, according to Naftogaz Ukrainy.

"The Tribunal ordered a single amount of $2.56 billion payable by Gazprom in favour of Naftogaz. This amount also bears a late payment interest. As at 30 June 2019, amount due from Gazprom after the set-off comprises $2.817 billion including interest," Naftogaz's financial report for H1 reads.

Thus, Gazprom's unwillingness to comply with the tribunal's decision in a timely manner has led to a 10% increase in the size of its debt.

On February 28, 2018, the Arbitration Institute of the Stockholm Chamber of Commerce ordered Gazprom to pay Naftogaz Ukrainy $4.63 billion over the failure to meet gas transit obligations.

Naftogaz is trying to claim the debt at international courts and to have Gazprom's funds in Switzerland, the UK, the Netherlands, and Luxembourg frozen. In December 2018, the U.S. Federal Court in New York satisfied Naftogaz Ukrainy's requests for the disclosure of information from GLAS Americas, Deutsche Bank Trust Company Americas, and the Bank of New York to disclose information about Gazprom's assets in Europe.

Naftogaz has already had Gazprom's 51% stake in Nord Stream AG frozen in the UK and its 50% plus one share in Blue Stream Pipeline Company BV (the operator of the Blue Stream pipeline) frozen in the Netherlands. Additionally, Gazprom receivables totaling about $2.5 billion were seized in the Netherlands.

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