Ukraine's Naftogaz: seizure of Gazprom’s assets in Switzerland reinstated
The Supreme Court of the Canton of Zug (Switzerland) reinstated the freeze of Gazprom shares in Nord Stream AG and Nord Stream 2 AG, RBC news agency reported with reference to a statement by the Ukrainian company Naftogaz.
The Ukrainian company said that it appealed the decision of the local authorities, which ordered the freezing of assets, concerning the collection of debts. The seizure, explained Naftogaz, was lifted because Nord Stream and Nord Stream 2 told the authorities that the securities are outside the canton, and therefore do not fall under their jurisdiction, the report said.
“If the execution of the decision of the first court were not suspended by the Higher Court, Gazprom would again have the right to own the shares in Nord Stream AG and Nord Stream 2 AG, even if they were under the jurisdiction of the court of the canton of Zug to recover the debts,” the Ukrainian company explained.
The seizure of assets will be in effect while Naftogaz’s appeal of the decision on the gas transit dispute is being considered.
In late February, the arbitration court of the Stockholm Chamber of Commerce ruled that the Russian company must pay $4.63 billion to Ukraine, but taking into account
Naftogaz’s debts for the gas supplied, Gazprom is obligated to pay $2.1 billion. The Russian company appealed the arbitration decision in late March, claiming procedural irregularities in the proceedings.
In early June, Gazprom’s assets in Switzerland, the Netherlands and Great Britain were frozen. But in the middle of the month, Gazprom was able to obtain in court a suspension of the execution of the arbitration court’s ruling. The Svea Court of Appeal (Sweden) ruled that there are not sufficient grounds for seizing the assets of a Russian company abroad.