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Ukraine: Gazprom fine of US$6.7b reinforced

 |  July 25, 2017

In the proceedings to collect the nearly US$6.7 billion fine from Gazprom, the Kyiv Economic Court of Appeal has overturned the decision to pay US$3.1 million from a Gazprom subsidiary.

After Gazprom received a US$3.3 billion fine from the AMCU in January 2016, the company appealed the fine with the Kyiv Economic Court, but the appeal was denied. Later, since the fine had still not been paid, the AMCU filed a lawsuit to enforce the fine and the penalties and the lawsuit was upheld in December 2016.

Two months later in February 2017, the Kyiv Economic Court of Appeal upheld the fine and tacked on a penalty of US$3.3 billion for late payment. This decision has led Gazprom to file another appeal.

In May of this year, Ukraine’s Minister of Justice announced that the ministry was looking to Gazprom’s properties and assets to recover the fine

Full Content: Unian

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