Swedish court renews enforcement of $2.6 bln from Gazprom - Naftogaz

Swedish court renews enforcement of $2.6 bln from Gazprom - Naftogaz

A court of appeal in Sweden has cancelled the suspension of the Stockholm arbitration court's decision and confirmed the obligation for Gazprom to pay Naftogaz over $2.6 billion in the case on gas transit, Naftogaz Chief Commercial Officer Yuriy Vitrenko has said on his Facebook page.

"The court of appeal in Sweden has considered our arguments and cancelled its decision to suspend the enforcement in Sweden of the arbitration decision, according to which Gazprom must pay us more than $2.6 billion," Vitrenko wrote.

According to him, Naftogaz has once again proved that Gazprom must immediately implement the arbitration award. "Now we are continuing enforcement in all countries," Vitrenko added.

The Arbitration Institute of the Stockholm Chamber of Commerce on February 28 complied with the demands of NJSC Naftogaz of Ukraine on a lawsuit against Russia's Gazprom. The Ukrainian company achieved compensation in the amount of $4.63 billion for the insufficient supply by the Russian monopoly of agreed volumes of gas for transit. The final amount of settlements between the two companies is $2.6 billion in the interests of Naftogaz. Gazprom appealed against the decision of the Stockholm arbitration court and launched the procedure for termination of contracts with Naftogaz. Naftogaz, in turn, started the procedure for enforcement of $2.6 billion from Gazprom.

Subsequently, the Svea Court of Appeal in Sweden suspended the enforcement of the decision of the Stockholm arbitration court in the case on gas transit.


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