25 October, 2019, 17:45

On 22 October 2019, the Amsterdam District Court approved Naftogaz's application to attach 100% of the shares in PJSC Gazprom's subsidiary South Stream Transport B.V. Naftogaz attached the shares on 23 October 2019.

Naftogaz took this action to prevent Gazprom from taking further steps to avoid payment of a USD 2.56 billion Stockholm Chamber of Commerce arbitral award and accrued interest in favor of Naftogaz. To date, Gazprom has refused to pay this award and has used a variety of methods to try to prevent Naftogaz from enforcing the award, including by transferring assets such as the South Stream shares out of its name.

Naftogaz has initiated fraudulent conveyance proceedings before the Amsterdam District Court to challenge the transfer of the South Stream shares to a Gazprom's subsidiary. The shares of South Stream Transport B.V. are now attached.