“Gazprom” after failure of the Luxembourg court to lift the seizure of assets under the claim of “Naftogaz of Ukraine” is preparing a new program of Eurobonds in another jurisdiction, reported “Interfax” a source familiar with the plans of the company.
The district court in Luxembourg on 8 July rejected the appeal of “Gazprom” and confirmed the seizure of assets in the country under the compulsory execution of the decision of the Stockholm arbitration. As reported in February, “Naftogaz” sent to the Luxembourg units of major banks and Gaz Capital S. A. (the Issuer of the current programme of Eurobonds) a notice of arrest of any debt and assets of PJSC “Gazprom” in Luxembourg”. After the attack of “Naftogaz” assets “Gazprom” in Luxembourg, the Russian company has not yet placed new Eurobonds.
In the UK – quite the contrary: the High court of England and Wales in March suspended the proceedings on the recognition and enforcement in England and Wales the decision of the Stockholm arbitration, dated 28 February 2018 in the proceedings between “Gazprom” and “Naftogaz” in the framework of the contract for gas transit to the end of production on appeal.
In this regard, the source of “Interfax” has not excluded that the jurisdiction of the new program bonds can be British. Earlier it was reported that the new release of “Gazprom” in the international debt market is not expected before September.
The Stockholm arbitration has obliged Gazprom to pay Naftogaz $4.63 billion for failure to supply gas volumes for transit. Given the fact that previously the court has confirmed the debt of the Ukrainian party for gas deliveries to $2,018 billion, according to the results of two arbitration disputes on the supply and transit, “Gazprom” should pay, “Naftogaz” $2.56 billion, “Gazprom” will appeal against these decisions, but the Ukrainian side does not want to wait for the appeal and launched a hunt for the assets of “Gazprom” in foreign jurisdictions.