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Gazprom Goes to Swiss Court Due to Asset Seizure

Friday, 08 June 2018 17:44

The Russian company Gazprom filed claim in Swiss court due to its property seizure in the Netherlands in connection with Naftogaz lawsuit, the company’s press office informs, RBC reports.

"Today, the company filed a claim in Swiss court, aimed at providing Gazprom with the full access to case materials and the subsequent appeal against the bailiffs’ actions", the press office said.

It is noted that the company has not received so far any official statements regarding the start of asset seizure according to the ruling of the Stockholm Arbitration Court.

After the Swiss court, the claim will be sent to Dutch court.

It was previously reported that in Switzerland, the bailiffs undertake measures to seize the shares of Nord Stream and Nord Stream 2 offshore gas pipeline project companies.

On June 5, the Dutch court granted the application for seizure of Gazprom's shares in its Dutch subsidiary companies and the arrears of these subsidiaries.

Deputy Energy Minister of the Russian Federation Anatoly Yanovsky said that the Ministry of Energy of Russia does not have any information on the possible seizure of shares.

It should be reminded that on May 30, President Poroshenko said that some European countries started seizing the assets of Gazprom in favor of Naftogaz according to the ruling of the Stockholm Arbitration Court under the gas transit contract.

Reportedly, the Stockholm Arbitration Court ordered payment of $4.7 billion by Gazprom to Naftogaz of Ukraine under the transit contract. Gazprom sent application to Svea Court of Appeal for complete cancellation of the decision.

Following the results of two arbitration disputes between companies for gas supply and transit, Gazprom was obligated to pay $2.56 billion to Naftogaz of Ukraine.

In late March, Chief Commercial Officer of Naftogaz of Ukraine Yuri Vitrenko noted that the recovery process can take up to six months.

In particular, he did not rule out the possibility of the seizure of Gazprom’s gas in underground storage facilities of Europe or the shares of Nord Stream operator in Swiss Court for debt collection.

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