Gazprom Gets European Assets Unfrozen after Court Decision

A court has lifted injunctions on Gazprom assets in the UK, Luxembourg, the Netherlands that had been frozen under court action brought by Ukraine’s Naftogaz, the Russian energy giant said on Tuesday, according to Reuters.

“According to confirmations received by Gazprom from local consultants on Jan. 20, 2020, the injunctions and seizures approved in England and Wales, Luxembourg and the Netherlands following a request by Naftogaz on the basis of ruling No. V 2014/129 by the Arbitration Institute of the Stockholm Chamber of Commerce of Feb. 28, 2018, was lifted,” it said.

In the UK, undertakings to the court of Gazprom, South Stream Transport B.V. and Blue Stream Pipeline Company B.V. were terminated by order of an English court on Jan. 14. The law firm DLA Piper London confirmed this was sufficient to cancel the undertakings to the court in England.

Gazprom last month said it had paid Ukraine $2.9 billion to settle a legal dispute as part of a wider gas package deal. In exchange, Ukraine was expected to sign a legal settlement and withdraw all outstanding claims.

Under the new deal, Russia will continue to supply gas to Europe through the Ukrainian gas transportation system. In particular, Gazprom and Naftogaz entered into an irrevocable agreement to resolve disputes. The head of Gazprom, Alexei Miller, after signing the documents, noted that the agreements reached had “restored the balance of interests of the parties”.

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