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2018-06-20 12:25:00

UKRAINE WANTS GAZPROM

UKRAINE WANTS GAZPROM

PLATTSUkraine's Naftogaz Ukrayiny has submitted a formal request to the Svea court of appeal in Sweden, asking it to reverse its decision to suspend the enforcement of the ruling by the Stockholm arbitration court that awarded Ukraine's Naftogaz Ukrayiny $4.6 billion in compensation over the transit of Russian gas to Europe.

Naftogaz chief commercial officer Yuriy Vitrenko said late Monday that Naftogaz would move to "force" Gazprom to pay what the arbitration court ruled it was due for the underuse of the Ukrainian transit network under the parties' 10-year gas accord from 2009.

"Today we submitted a petition to the Court of Appeal in Sweden," Vitrenko said as the Ukrainian company looks to find legal grounds to continue its efforts to seize Gazprom assets in the Netherlands, Switzerland and the UK to enforce the arbitration award.

A court in the Netherlands already approved a petition filed in late May by Naftogaz to seize assets owned by Gazprom in the Netherlands as part of its bid to recover $2.6 billion owed by its Russian counterpart following an arbitration ruling earlier this year.

Vitrenko said Tuesday that a UK court had also approved a Naftogaz petition to freeze Gazprom assets for further enforcement. "We have handed over these [court] orders to Gazprom," he said.

Despite the efforts to seize assets, experts doubt the Ukrainian move will affect Gazprom operations in the near term as legal challenges continue.

The move by Naftogaz to look to reverse the Svea court of appeal ruling is the latest twist in the long-running dispute between Gazprom and Naftogaz over the terms of gas supply, pricing and transit.

The Stockholm arbitration court ruled at the end of February that Gazprom should pay Naftogaz damages for not transiting the agreed volumes of Russian gas to Europe under the 2009 accord.

Taking into account Gazprom's earlier $2 billion win in the arbitration ruling on Russian gas supply to Ukraine, Naftogaz was owed a net $2.6 billion by Gazprom.

Gazprom appealed against the award, saying the arbitration court was guilty of "double standards" in its arguments -- taking into account Ukraine's economic difficulties as a reason for under-buying Russian gas but not taking the European economic downturn into account when ruling on Gazprom's underuse of the Ukrainian transit network.

On June 7, it also appealed to the Svea court to have the enforcement of the transit arbitration award reversed, with the court finding on June 13 that there were "sufficient grounds" to suspend its enforcement.

'FULL AMOUNT'

Vitrenko said it had proved that Gazprom had been underpaid for gas transit, "and now we have to compensate for it."

"Gazprom is trying not to pay its debt but so far has only achieved a suspension of the enforcement [of the arbitration ruling]," he said.

"We will force Gazprom to pay the full amount of the debt and reimburse all expenses associated with this. Naftogaz will win this match."

The 2009 accord was made by Vladimir Putin -- then Russian prime minister -- and his Ukrainian counterpart Yulia Tymoshenko.

Tymoshenko was famously sentenced to seven years in jail for "abuse of power" and for agreeing a "bad deal" in 2011, though she would be exonerated in June 2014 having been freed in March that year.

Vitrenko said Monday that "virtually all the key provisions" of the contract Tymoshenko agreed with Putin were disadvantageous for Ukraine.

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Earlier:

 UKRAINE WANTS GAZPROM'S MONEY
2018, June, 1, 09:30:00

UKRAINE WANTS GAZPROM'S MONEY

REUTERS - Ukraine’s state energy group Naftogaz said it has asked Swiss courts to enforce a ruling that it receive $2.6 billion from Russian giant Gazprom after a long-running legal battle.

 GAZPROM IS GETTING
2018, May, 25, 10:35:00

GAZPROM IS GETTING

REUTERS - The head of Ukraine’s Naftogaz said on Thursday EU-mediated talks over future Russian gas transit via the country to Europe must include Gazprom and must be based on firm commitments.

 U.S. - RUSSIA PIPELINE SANCTIONS
2018, May, 18, 08:55:00

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REUTERS - Washington was focused on using diplomatic means to halt Nord Stream 2, one of several Russian projects to export gas to western Europe via routes avoiding Ukraine, with which Moscow is involved in a series of disputes.

 U.S. BOUGHT UKRAINE
2018, April, 20, 08:35:00

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U.S.DT - U.S. Treasury Secretary Steven Mnuchin met with Finance Minister Oleksandr Danyliuk of Ukraine. Secretary Mnuchin and Minister Danyliuk discussed the economic and reform outlook of the Ukrainian economy.

 RUSSIAN GAS FOR EUROPE ANEW
2018, April, 13, 17:50:00

RUSSIAN GAS FOR EUROPE ANEW

PLATTS - "It cannot be the case that Nord Steam 2 means that Ukraine no longer has any significance in transiting [Russian] gas," Merkel said after a meeting with Ukrainian president Petro Poroshenko.

 UKRAINE WANT $17.5 BLN
2018, April, 13, 17:35:00

UKRAINE WANT $17.5 BLN

REUTERS - But it warned that all its expectations hinged on Ukraine sticking with its $17.5 billion programme with the IMF, which has expressed concern about perceived backtracking on reforms and delays in implementing policies to tackle corruption.

 UKRAINE'S GAS PRICES WILL UP
2018, April, 2, 09:05:00

UKRAINE'S GAS PRICES WILL UP

REUTERS - The International Monetary Fund told Reuters on Friday Ukraine should allow the market to determine gas prices as promised under a $17.5 billion loan program, after the government extended a below-market level pricing system for households.

 

Tags: UKRAINE, RUSSIA, GAZPROM, NAFTOGAZ, GAS, EUROPE