Justice Ministry preparing for recovery of funds from Gazprom

Justice Ministry preparing for recovery of funds from Gazprom

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Ukrinform
The Ukrainian Justice Ministry is preparing for recovery of funds from Russia's Gazprom under a ruling of the Arbitration Institute of the Stockholm Chamber of Commerce and on the basis of the New York Convention.

Justice Minister Pavlo Petrenko told this to journalists on Thursday, an Ukrinform correspondent reported.

"Today a fine is being imposed on Gazprom. The fine is almost half a million dollars a day. Secondly, preparations are underway for the enforcement of this decision on the basis of the New York Convention, which allows us to collect these funds practically all over the world. Thirdly, the Justice Ministry continues to recover debt from Gazprom under another ruling of a Ukrainian court. Over UAH 100 million has already been transferred to the state budget," Petrenko said.

As reported, on February 28, 2018, the Arbitration Institute of the Stockholm Chamber of Commerce obliged Gazprom to pay $4.63 billion to NJSC Naftogaz in compensation for the failure to meet its gas transit obligations. According to Naftogaz, this ruling means that Gazprom must pay Ukraine about $2.56 billion, taking into account the final payment for gas supplied in 2014 and 2015. 

Gazprom has refused to comply with these court rulings.

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