The Amsterdam Court of Appeal and the Luxembourg District Court denied Gazprom’s appeals in the cases on the enforcement of an arbitration award of the Arbitration Institute of the Stockholm Chamber of Commerce.
“The Amsterdam Court of Appeal (Netherlands) denied Gazprom’s motion on the objection of court’s jurisdiction, thereby confirming its authority within Stockholm award enforcement in the Netherlands,” the Communications Department of the Naftogaz of Ukraine reports. The decision was issued by the court on July 8.
Moreover, on the same day, Luxembourg district court stated a resolution in Naftogaz favor.“It [the court – YT] declined Gazprom’s objection, thereby confirming attachments’ legality against russian company on Luxembourg territory within Stockholm award enforcement,” the statement reads.
As reported, the Arbitration Institute of the Stockholm Chamber of Commerce complied with the demands of NJSC Naftogaz of Ukraine on a lawsuit against russia’s Gazprom. The Ukrainian company achieved compensation in the amount of $4.63 billion for the insufficient supply by the russian monopoly of agreed volumes of gas for transit. The final amount of settlements between the two companies is $2.6 billion in the interests of Naftogaz. Gazprom appealed against the decision of the Stockholm arbitration court and launched the procedure for termination of contracts with Naftogaz. Naftogaz, in turn, started the procedure for enforcement of $2.6 billion from Gazprom.