Today the Svea Court of Appeal in Stockholm has repealed its June decisions to stay enforcement of the Transit Award in the arbitration between Naftogaz and Gazprom.
Therefore this obstacle to the enforcement of the USD 2.6 billion Award against Gazprom has been eliminated. Naftogaz proceeds with its enforcement efforts in all relevant jurisdictions. Gazprom can avoid this process if it finally chooses to pay voluntarily.
In its brief reasons, the Court states that "grounds for stay of enforcement no longer exist. Previous decisions to stay enforcement shall therefore be repealed”. This decision cannot be appealed, according to the ruling.
The decision also implies that the Court considers it unlikely that Gazprom's challenge of the Transit Award, which is presently also considered by the Svea Court of Appeal, will succeed.
Naftogaz's Chairman of the Board, Andriy Kobolyev, welcomes the decision, which was as expected.
Corporate Communications Department
NJSC Naftogaz of Ukraine