Policy & Regulation

Naftogaz ups the ante in Gazprom arbitration saga

Naftogaz Ukrainy has been given permission by a Dutch court to freeze Gazprom assets in the Netherlands, but its next steps remain in question Naftogaz Ukrainy has been given permission by a Dutch court to freeze Gazprom assets in the Netherlands, but its next steps remain in question.
By Silvia Favasuli 8 June 2018 0 31222
Gazprom’s Dutch subsidiaries include Turkish Stream’s project company Gazprom’s Dutch subsidiaries include Turkish Stream’s project company. (Gazprom)

The decision by a Dutch court to approve the freezing of Gazprom’s assets in the Netherlands represents minimal progress for Naftogaz Ukrainy as it attempts to recover a €2.6 billion ($3.1 billion) arbitral award from its long-time legal foe.

The Tribunal of Amsterdam granted a ‘prejudgment attachment’ to Naftogaz on 30 May. This permits a precautionary freezing of shares in Gazprom’s Amsterdam-based subsidiaries, as well as debts owed by those subsidiaries. Naftogaz made the tribunal’s decision public...