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    The stand with the Gazprom company's logo at the Sochi International Investment Forum 2016

    Gazprom Receives Ukraine Justice Ministry Order Seizing Subsidiary's Shares

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    Russia's Gazprom energy company has received a Ukrainian Ministry of Justice order informing it of the seizure of shares held by its subsidiary Gaztransit as part of an anti-monopoly case, Gazprom said in its first-quarter report Wednesday.

    MOSCOW (Sputnik) — It adds that Kiev had also opened enforcement proceedings in the amount of $6.9 billion and a $632.6-million execution fee.

    "On May 12, 2017, Gazprom received through the Gazprom representative office in Kiev the decisions of the Department of State Executive Service of the Ministry of Justice of Ukraine on… the arrest of Gaztransit shares belonging to Gazprom," the report states.

    In mid-May, the Ukrainian supreme economic court dismissed the appeal of Russian energy giant Gazprom which demanded a reversal of the decision of lower courts on enforced recovery of around $6.4 billion in fines in favor of Ukraine.

    Gazprom launched the appeal in March. The decision now can be challenged in the Supreme Court of Ukraine.

    In 2015, Gazprom was fined $3.2 billion by Ukraine's Anti-Monopoly Committee for allegedly having a monopoly in the gas market in 2009-2015. The Russian company protested the decision since it does operate in Ukraine and gas supplies are operated by Ukraine's Naftogaz.

    However, the ruling was not overturned and last year the anti-monopoly committee filed a lawsuit to the Kiev economic court on enforced recovery of the fine plus additional fines for payment delays. As a result, a fine totaling nearly $6.4 billion was ruled by the court last December. Gazprom challenged the decision but its appeal was dismissed.

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    gas supplies, Gazprom, Russia, Ukraine
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