Russia’s Gazprom wins appeal to halt seizure of European assets

Latest news

    A Stockholm court’s decision to order Russia’s Gazprom to pay compensation to Ukraine’s Naftogaz has been suspended. This means Kiev can no longer demand the freezing of Gazprom’s assets in Europe.

    The Russian company argued that Naftogaz breached the gas delivery contract. In 2015, Ukraine opted to stop buying the contracted volume, replacing it with gas supplies from European countries.

    Read more

    Digging to China: Russia’s mega gas pipeline nears completion

    However, in February, the Stockholm court ordered the Russian company pay for a shortfall in the delivery of gas to Ukraine, awarding Naftogaz $2.6 billion in compensation.

    After Gazprom appealed the ruling, Naftogaz demanded that European courts start to enforce the Stockholm ruling by seizing Gazprom’s European assets. The Netherlands and Switzerland began freezing the Russian company’s assets last week. Gazprom’s successful appeal means bailiffs in those countries must halt the procedure.

    The contract for the supply of natural gas from Russia to Ukraine, signed in early 2009, was set to expire by the end of 2019. Under the terms of the agreement, Ukraine was to buy 40 billion cubic meters of gas a year with the annual volume increasing to 52 billion cubic meters from 2010.

    After the overthrow of President Viktor Yanukovich and subsequent conflict with Moscow, the new government of Ukraine began to buy less gas from Russia, in violation of the supply contract with Gazprom. The latest court decision means Kiev can’t demand the seizure of the Russian company’s property. The Ukrainian company said it would appeal.

    View the original article: https://www.rt.com/business/429750-russia-gazprom-ukraine-gas/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    For more stories on economy & finance visit RT’s business section

    In the same category are

    Kerch mourns victims of college massacre as survivors recall horrors of blast & shooting (VIDEO) People in the city of Kerch, shaken by the ruthless school shooting, have come in their thousands in final respect to the victims. Survivors and frien...
    Saudi Arabia claims Khashoggi died in accidental ‘fistfight’ inside the consulate Journalist Jamal Khashoggi died in a “fight” with individuals inside the Saudi consulate in Turkey, Saudi authorities said after nearly two weeks of s...
    Saudi prince MBS put in charge of intel purge following Khashoggi death Saudi Crown Prince Mohammed bin Salman has been appointed to head a ministerial committee tasked with restructuring the General Intelligence Agency, a...
    Migrant caravan using women & children as human shields to break into Mexico – Pompeo US Secretary of State Mike Pompeo had some choice words about the thousands-strong crowd of Central American migrants surging toward Mexico, urging th...
    Playing online games & ‘torturing cats’: Who was the Crimea college shooter? The worst school shooting in Russia's history has sparked a series of inaccurate and contradictory media reports. Here are the main questions that sti...
    Not buying it: Lawmakers & journalists skeptical of Saudi story about Khashoggi death Multiple US lawmakers, journalists and pundits voiced their disbelief in the official Saudi account of journalist Jamal Khashoggi’s death, calling it ...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.