Ukraine seeks Russia’s Gazprom assets to get $2.6 billion compensation

Ukraine seeks Russia’s Gazprom assets to get $2.6 billion compensation

Ukraine’s state energy group Naftogaz has asked Swiss courts to enforce a court ruling to receive $2.56 billion compensation from Russia’s energy major Gazprom.

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“The company confirms that it has asked the Swiss courts to enforce the award, and understands that Swiss authorities already have taken measures against Gazprom’s assets there,” Naftogaz said in a statement on Wednesday.

Gazprom has confirmed the information. “Gazprom will defend its right in accordance with the applicable law,” the Russian company said in a statement on Wednesday.

Naftogaz is going for the assets of Nord Stream AG and Nord Stream 2 AG, the operators of the same-named gas pipelines from Russia to Germany. Gazprom owns 51 and 100 percent in the companies, respectively. Nord Stream 2 AG said the legal proceedings would have no impact on the Nord Stream 2 project.

The ruling was made in February by a Stockholm court demanding the Russian company pays for the shortfall in delivery of gas to Ukraine. Gazprom said that the decision created an imbalance in favor of Kiev. In March, the Russian company appealed the verdict, and notified Naftogaz that it had launched the procedure for termination of gas delivery contracts.

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