MainPolitical

Naftogaz hopes Stockholm tribunal annuls suspension of award

Naftogaz hopes Stockholm tribunal annuls suspension of award
Photo: EPA/UPG

The national joint-stock company Naftogaz Ukrayiny hopes that Sweden's Svea Court of Appeals will annul its order to suspend the enforcement of the award of the Arbitration Institute of the Stockholm Chamber of Commerce after the company submits its own counter-evidence, the press service of the company has reported, as quoted by the Interfax-Ukraine news agency.

"The court made the decision without calling Naftogaz to court, and respectively, it did not take into account explanations and arguments that Naftogaz Ukrayiny would have presented if the court notified the company about the availability of the petition filed by Gazprom and about the hearing of the petition by the court. The decision is temporary. The company will soon submit its detailed explanations and counter-arguments and expects that taking them into account, the court will annul the decision to suspend [the enforcement]," the press service said.

The press service said that the order of the court of appeals means the temporary suspension of Naftogaz's steps in the procedure of collecting 2.6bn dollars from Gazprom. The decision does not annul the awards of the Arbitral Tribunal and does not allow Gazprom to demand to return 2.1bn dollars taken as compensation to Naftogaz under a decision of the arbitrator.

As reported, Sweden's Svea Court of Appeals on 13 June 2018 satisfied a petition of Russia's Gazprom and issued an order to suspend the execution of the award of the Arbitration Institute of the Stockholm Chamber of Commerce issued on 28 February 2018 in the lawsuit between Gazprom and Naftogaz Ukrayiny for the gas transit contract.

Read LB.ua news on social networks Facebook and Twitter