Poland fines Gazprom $7.6 billion for Nord Stream 2

Poland's Office of Competition and Consumer Protection (UOKiK) imposed maximum fines of $7.6 billion and $61 million respectively on Gazprom and five other companies for the construction of the Nord Stream 2 gas pipeline without its consent, reported the Polish antitrust regulator on Twitter.

The regulator also ordered the termination of contracts for financing the construction.

"Gazprom can appeal this decision in two instances of the administrative courts of Poland, then in the Supreme Court, and then in the ECHR under Article 1 of Protocol 1 to the European Convention on Human Rights Property. The company may decide not to pay the fine, but then Poland will be able to forcibly collect this amount in 27 EU countries. This means the seizure of accounts, property, shares of subsidiaries, and their subsequent sale at auction," reported Russian news outlet The Insider, citing Anton Detov, managing partner of the Moscow office of the Pen and Paper Bar Association .

Earlier, Poland blocked the creation of a joint venture for the construction of Nord Stream 2. As a result, the pipeline is being built by Gazprom's 100% subsidiary Nord Stream 2 AG, and European partners are financing the project as creditors. In response, the Polish regulator in 2018 initiated a new investigation, alleging that in this way the consortium members violated antitrust laws.

In August, Poland fined Gazprom 50 million euros, the maximum amount allowed by law, for not cooperating in the investigation into the project. In the same month, the Russian company challenged this decision in the Polish Court of Appeal.

  Nord Stream, Gazrom, Poland, Russia