Amsterdam court’s decision on Gazprom’s debt is expected on February 25, 2020 – Naftogaz of Ukraine

TASS Russian News Agency | Dec 4, 2019 at 5:59 PM

KIEV, December 4. /TASS/. The Amsterdam court has named February 25, 2020 as the preliminary date to announce its decision in the lawsuit of Naftogaz of Ukraine on compulsory collection of debt from Gazprom, as determined by the Stockholm Arbitration, executive director of Naftogaz of Ukraine Yury Vitrenko announced on Wednesday.

"The hearings in Amsterdam on the recognition and enforcement of the decision of the Stockholm arbitration have ended. The court has determined the expected date of the decision - February 25, 2020," he wrote on Facebook.

According to Vitrenko, the hearings were "successful" for the Ukrainian side.

"Therefore, we expect a positive court decision that will allow us to proceed with the sale of Gazprom's assets, which we had previously successfully seized," he added.

Vitrenko previously stated that the value of Gazprom's seized assets in the Netherlands exceeds $3 bln. If the verdict for Kiev is positive, he said, compulsory collection of debt could occur in 2020, starting in the second quarter.

Legal disputes

In December 2017 and February 2018, the Stockholm Arbitration Court obliged Gazprom to pay $2.56 bln to Naftogaz of Ukraine, as part of the companies' disputes on gas supplies to Ukraine and gas transit through the country. Gazprom appealed against those decisions.

However, in the summer of 2018, Naftogaz began to recover $2.56 bln through the seizure of assets of the Russian holding company in Switzerland, the UK, the Netherlands, and Luxembourg. Gazprom appealed against the actions of the Ukrainian company.