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Naftogaz initiates process of recovering debts from Gazprom in Luxembourg

Source : 112 Ukraine

"We have already received gas for a total of $2.1 billion. The rest is collected through the enforcement process in several jurisdictions – the Netherlands, Britain, Switzerland, and the United States, and recently in Luxembourg, Naftogaz reports
16:15, 28 February 2019

Open source

NJSC Naftogaz Ukrainy has started the process of recovering $2.6 billion from Gazprom (Russia) under the decisions of the Stockholm arbitration within the jurisdiction of Luxembourg.

"We have already received gas for a total of $2.1 billion. The rest is collected through the enforcement process in several jurisdictions – the Netherlands, Britain, Switzerland, and the United States, and recently in Luxembourg. In the near future, processes in other countries are also possible," Naftogaz said on Facebook.

On 7 November 2017, Gazprom filed an appeal with the Svea Court of Appeal against an interim ruling by the Arbitration Institute of the Stockholm Chamber of Commerce in a dispute with Naftogaz regarding gas supply and the partial cancellation of the ruling.

Two arbitrary disputes between Gazprom and Naftogaz at the Arbitration Institute lasted for over three years: the dispute on the gas debt – from June 2014 to December 2017, on the transit agreement – from October 2014 to February 2018. There are less than two years left until both agreements terminate (at the end of 2019).

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The Arbitration Institute of the Stockholm Chamber of Commerce has granted the lawsuit of Naftogaz as to compensation for the volumes of transit gas that had not been delivered by Gazprom on February 28. According to the decision of the court, Naftogaz got a $4,63 billion compensation for the transit gas that had been agreed on, but not delivered by Gazprom.

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As a result of two arbitrations in Stockholm, Gazprom is to pay Naftogaz $2,56 billion. The court dismissed the demands of Gazprom that stated that the money hadn’t been paid as it was considered the fines for what they called unlawfully seized by Naftogaz volumes of the transit gas. $526 000 of interest per day will be added to the debt from 1 March.

Related: Ukraine might refuse from imported gas in next five years, - Prime Minister

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