Russia Lost Two Appeals on Gazprom-Naftogaz Case

According to the results of both decisions, Gazprom should pay $2.56 billion dollars in favor of Naftogaz and pay a fine for non-payment of debt

uatv.ua
20.07.2019
Photo Ukrinform-UATV

The Amsterdam Court of Appeal and the District Court of Luxembourg dismissed Gazprom appeals against the enforcement of a Stockholm arbitration award.

“The Amsterdam Court of Appeal rejected Gazprom’s complaint regarding the jurisdiction of the court, thereby confirming its authority in the case of recognition and enforcement of the decision of the Stockholm arbitration in the Netherlands,” Naftogaz press-release reported, Ukrinform reported.

The Luxembourg District Court had also ruled in favor of Naftogaz.

On Dec. 22, 2017, Stockholm Arbitration found that Gazprom had revised the gas pricing formula under its contract supplying gas to Ukraine, thereby reducing its value, which automatically led to a reduction in the cost of services and the total cost of gas transit services provided by Naftogaz.

Gazprom was ordered to pay Naftogaz $2.56 billion.

On May 24, Gazprom made an appeal to the Luxembourg Court of Appeal against an earlier judgment by the Luxembourg court of March 12, on the recognition and enforcement in Luxembourg of an arbitration decision on transit which had not entered into force.

Source UATV
date 20.07.2019
categories Economics
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