Gazprom achieved success in the UK, but suffered a defeat in Sweden

In Britain, the decision to arrest Gazrom's assets on the suit of Ukrainian Naftogaz was canceled, and in Sweden it's the other way around: the seizure of assets is again allowed.
13.09.2018
RIA Novosti
Origin source
The English court overturned the order to arrest Gazprom's assets in England and Wales, the company said.

To cancel the decision, the Russian gas corporation undertook not to alienate the shares of Nord Stream AG until after the hearings in the English court, which are tentatively scheduled for February next year.

The decision of the Swedish court

Earlier today, the Court of Appeals in Sweden authorized the seizure of Gazprom's assets, reversing its previous decision. The company intends to seek a review of the court's decision.

The head of Naftogaz, Andrei Kobolev, welcomed the decision of the Swedish court and noted that the company expected this result of this review. It is also reported that "as of today, interest on the debt of Gazprom to Naftogaz in the amount of 104 million dollars."

Also in the Ukrainian company noted that "Gazprom" can stop forcible collection of funds if it pays the entire amount of debt within the framework of the decision of the Stockholm Arbitration.

At the same time, Naftogaz expressed the opinion that "the court considers unlikely Gazprom's success in appealing the decision of the Stockholm Arbitration regarding the transit contract with Naftogaz, since this appeal is being considered in the same court."

"Naftogaz" has launched a procedure of compulsory recovery from Gazprom in Switzerland, the United Kingdom and the Netherlands.

The Russian gas corporation appealed to the Swedish court, which in June suspended execution of the Stockholm arbitration award.

After that, Gazprom stated that the suspension of the Stockholm decision strengthens its position by appealing the attempts of Naftogaz to enforce the arbitration award in various countries.

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Proceedings in Stockholm

"Gazprom" and "Naftogaz" were in the Stockholm Arbitration dispute over contracts for the supply and transit of blue fuel. According to the suit about the supply contracts, the court ordered the Ukrainian company to pay the Russian concern more than two billion dollars. However, the second decision, on the suit about the contracts for transit, arbitrated in favor of Naftogaz, awarding him $ 4.673 billion.

Since the arbitrators offset the claims, it turned out that Gazprom should pay 2.56 billion to the Ukrainian company.
The Russian company appealed this decision and said that it was terminating contracts with Naftogaz.

At the end of May, Ukraine announced that it had initiated a procedure of compulsory collection of funds and that the court supported its application for the arrest of shares of Nord Stream AG and Nord Stream 2 AG.

On June 13, Gazprom made a decision to suspend enforcement of the Stockholm Arbitration in the Swedish District Court of Appeal. "Naftogaz" tried to cancel this verdict, but the court found his arguments unconvincing.

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