British court suspends enforcement of Naftogaz fine on Gazprom

MOSCOW, Mar 21 (PRIME) -- The U.K. High Court of Justice has suspended the case of acknowledgment and enforcement of a Stockholm Arbitration Court’s ruling in the country on the natural gas transit dispute of Russian gas giant Gazprom and Ukrainian energy holding Naftogaz Ukrainy, Gazprom said in a statement on Thursday.

“On March 15, 2019, the High Court of England and Wales suspended proceedings on the case on acknowledgment and enforcement in the territory of England and Wales of a February 28, 2018 decision of the Stockholm Arbitration Court over a dispute between Gazprom and Naftogaz Ukrainy in the framework of the gas transit contract,” Gazprom said.

“The legal process in the U.K. has been suspended until proceedings in the Svea County Court of Appeal in Sweden are finished,” the company said, adding that it would continue protecting its rights.

In 2018, the Stockholm arbitration court ruled that Gazprom must pay Naftogaz Ukrainy U.S. $2.56 billion for non-shipment of gas. Gazprom appealed against the decision in March and in May demanded the full abolishment of the decision on gas transit.

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