Tensions escalate between Russia and Ukraine over Nord Stream

Tensions escalate between Russia and Ukraine over Nord Stream

The Ukrainian President has ordered the seizure of the country’s overseas assets of Gazprom and its shares in the Nord Stream gas pipeline as it looks to enforce a Stockholm tribunal ruling against the Russian giant.

A Dutch court has approved the petition to freeze assets in the Netherlands as the Ukrainian firm looks to enforce payment of the sum awarded to it.

Gazprom has not paid Naftogaz the $2.6 billion the arbitration panel awarded the Ukrainian oil and gas company to settle a dispute over a gas supply contract signed in 2009, which was signed after Russia’s oil company cut off gas exports to its neighbour as a result of issues over pricing.

Petro Poroshenko, Ukraine’s president, has previously said that in order to settle the claim, Kiev would seize assets, as permitted under international law, including parts of the Nord Stream, pipeline and the second pipeline under construction, Nord Stream 2.

An account of the discussions between Poroshenko and Naftogaz’s chief executive, Andriy Kobolyev, shows the Ukrainian President said his counterpart should make a “maximum effort” to “ensure that awarded funds arrive to Ukraine”.

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