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Gazprom says Swiss court blocks Nord Stream payments

13 November 2018
Norme si regulamente
energynomics

A Swiss court has issued an injunction barring the operators of the Nord Stream gas pipeline from making payments to Gazprom <GAZP.MM> as part of a legal dispute between the Russian gas producer and Ukraine’s Naftogaz, Gazprom said.

All payments from Nord Stream AG and Nord Stream 2 AG to Gazprom are to be directed to the Swiss bailiffs, Gazprom said in a programme for a Eurobond issue dated Nov. 9.

Gazprom intends to challenge the injunction in court, TASS news agency quoted the company’s chairman, Viktor Zubkov, as saying.

Nord Stream is a 1,224 km (760 mile) pipeline carrying gas from Russia to Europe. Another pipeline, Nord Stream 2, is under construction, according to Euronews.com.

Zubkov was quoted as saying he hoped the injunction would not affect the completion of the Nord Stream 2 pipeline that would transport Russian gas to Germany.

In June 2014, Gazprom and Naftogaz lodged multi-billion-dollar claims against each other with the Stockholm arbitration court, which resolves commercial disputes.

Naftogaz says Gazprom owes it $2.56 billion after a Stockholm court found in Naftogaz’s favour following a lengthy legal battle.

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