The memorandum of the new Gazprom Eurobonds issue states that Naftogaz of Ukraine has won the freeze on accounts of GazAsia Capital S.A., the Gazprom’s Eurobonds SPV-company.
Stockholm arbitration ruling ordered Gazprom to pay Naftogaz USD 4.63 billion penalty for underusing gas transit capacity. Taking into account that the court previously confirmed that Ukrainian side’s owns USD 2.018 billion for gas supplies and transit, according to the results of two arbitrations, Gazprom should pay to Naftogaz USD 2.56 billion.
Gazprom is trying to appeal these rulings, but the Ukrainian side does not want to wait for the appeal to be considered and is trying to recover the funds in various jurisdictions.
According to Interfax-Ukraine, the new memorandum reported for the first time: “We also aware of court bailiff order prohibiting GazAsia Capital S.A. from making payments to Gazprom. This SPV placed 10-year JPY 65 billion Eurobonds in December 2018.”
The Luxembourg court rulings that were unfavorable to Gazprom forced the concern to register the bond program in another jurisdiction. It chose the United Kingdom, the courts of which protected Gazprom’s assets from Naftogaz’s claims. The new SPV is Gaz Finance plc (UK).
In June this year, the S&P Global Ratings rating agency withdrew the rating of the GazAsia Capital S.A. bond program at the request of Gazprom.
As The Journalist reported, Ukraine’s Parliament adopted law on Naftogaz unbundling.
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