July 2, 2020, 14:49

Swiss Court Banned Any Transfers to Nord Stream, Nord Stream 2 – Gazprom

Swiss Court Banned Any Transfers to Nord Stream, Nord Stream 2 – Gazprom

The Court of Appeal of Svea County in Sweden will hold on November 27 preliminary hearings on Russian energy giant Gazprom’s appeal against Stockholm arbitration court rulings in gas dispute with Ukraine’s Naftogaz energy company, according to Gazprom’s Eurobond offering statement released on Friday.

A Swiss court has banned any payments by the operators of the Nord Stream and Nord Stream 2 pipelines to Russia’s Gazprom at the request of Ukraine’s Naftogaz, the Russian company said on Friday.

“In particular, in Switzerland, temporary interim measures are imposed on payments to Gazprom by the Nord Stream AG and Nord Stream 2 AG companies. As a result of the ban, all payments from these companies to Gazprom are sent to Swiss bailiffs,” the company said in the document on its Eurobonds.

“Gazprom disputes both the preliminary and the final decision of the arbitration on gas supplies in the court of Svea county [Sweden]. Preliminary hearings on appeal are scheduled for November 27,” the document says.

READ MORE: Nord Stream 2 to Be Built Even Under Potential US Sanctions — Russian Minister

The Stockholm arbitration in December and February ruled on the disputes between Gazprom and Naftogaz regarding contracts for the supply and transit of gas, respectively, obliging the Russian company to pay the Ukrainian company $2.56 billion as a result.

Gazprom said that these decisions created an imbalance in favor of Kiev, and announced intentions to appeal the court rulings as well as to terminate all existing contracts with Naftogaz.

The Nord Stream 2 is a joint venture of Russian energy giant Gazprom and five European companies — French Engie, Austrian OMV AG, UK-Dutch Royal Dutch Shell, and German Uniper and Wintershall.

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