The Ukrainian gas monopoly is not prepared to accept the loss of the opportunity to recover a multi-billion dollar debt from Russian Gazprom. Despite a recent procedural setback in Kazakhstan, the leadership of Naftogaz Ukraine has announced a large-scale legal counterattack.
The Legal War Continues
Company Chairman Serhiy Kordetsky confirmed that Ukrainian lawyers are already examining the prospects for overturning the court ruling in Kazakhstan, which effectively blocked the debt recovery. The amount in question exceeds $1.4 billion, awarded to Gazprom by international arbitration.
Kordetsky emphasized that Naftogaz is closely monitoring public comments made by officials during the case proceedings. The company expects that further proceedings will take place strictly within the framework of the rule of law, taking into account the independence of the judicial system and Kazakhstan's international obligations.
Comprehensive Approach and New Jurisdictions
Kyiv's strategy is not limited to a single country. The head of Naftogaz assured that the company is using all available legal mechanisms to recover funds. Debt recovery efforts are underway simultaneously in several countries and will continue, specifically in Kazakhstan.
"We will continue to consistently protect the company's interests and ensure the enforcement of international arbitration rulings," the official stated, noting that individual procedural decisions in specific jurisdictions will not stop this process.
The Debt Grows Daily
In addition to active court actions, Naftogaz is betting on the economic factor. Serhiy Kordetsky added that the amount of Gazprom's debt continues to increase. Interest is accrued daily on the principal amount, making the final recovery sum even more substantial. According to the company head, the entire amount will be recovered from the Russian corporation in full.
Background of the Conflict
Tensions surrounding the case arose following events in July. On July 8, the Court of the Astana International Financial Centre overturned a previously adopted ruling on the recognition and compulsory enforcement in Kazakhstan of the arbitration award in the dispute between Naftogaz and Gazprom. This became a turning point, as back in May, the same court had recognized the arbitration ruling and allowed the recovery of approximately $1.4 billion from the Russian giant on the territory of Kazakhstan.
