Kazakhstan Court Grants Naftogaz Enforcement of $1.4B Gazprom Award
Kazakhstan Court Decision and Naftogaz-Gazprom Dispute Overview
May 21 (Reuters) - A court in Kazakhstan has allowed Ukrainian state energy firm Naftogaz to enforce a recovery of around $1.4 billion from Russia's Gazprom under a case covering gas transportation, the Ukrainian company said on Wednesday.
Key Details of the Ruling
Here are the details:
First Foreign Court Enforcement
• The ruling is the first public foreign court decision recognizing and granting permission to enforce the arbitration award against Gazprom in a separate state, Naftogaz said.
Background of Arbitration Proceedings
• Naftogaz initiated arbitration proceedings against Gazprom in 2022, demanding the Russian gas major pay for the service of organising natural gas transportation through Ukraine.
Swiss Court Involvement
• In March, it said the Swiss Federal Supreme Court rejected an application from Gazprom to overturn an earlier arbitral award that it must pay more than $1.4 billion to Naftogaz along with interest.
Statements from Naftogaz
CEO's Comments
• "The court's decision in Kazakhstan is another practical result in the process of recovering funds from Gazprom," Naftogaz quoted its CEO Serhiy Koretskyi as saying.
Enforcement Efforts in Multiple Jurisdictions
• Naftogaz was working to enforce the arbitration award across multiple jurisdictions, Koretskyi added.
Reporting Credits
(Reporting by Anna Pruchnicka in Gdansk; Editing by Thomas Derpinghaus)
