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$2.6bn.
Despite the award of the Stockholm arbitration court, Gazprom refused to resume deliveries of gas to Naftogaz Ukrainy on March 1, or pay $2.6bn to Naftogaz.
At the same time, the Russian monopolist is challenging the arbitration award in Swedish courts, declaring the terms of the order to be unreasonable, and initiated a new arbitration, trying to cancel the results of the previous one. In accordance with international law, arbitral awards are enforceable in almost all countries. Gazprom's challenging these awards cannot stop their execution, Naftogaz said.
Meanwhile, Ukrainian President Petro Poroshenko said in a separate statement the same day that he has ordered that top managers of Naftogaz "the encumbrance of shares and other assets of Gazprom in European countries, in particular, Switzerland, the UK and the Netherlands was started. My clear order is that we must not stop on these three countries and do our best to ensure the arrival of awarded funds to Ukraine."
Poroshenko added that these should be assets and shares of Nord Stream and Nord Stream II, and the funds that have high liquidity that would ensure the quick enforcement of the awards.
On May 30, Gazprom confirmed that Naftogaz is attempting enforced recovery of $2.6 billion from the gas giant in Switzerland.
"However, at present Gazprom has not received any official notification in the framework of this procedure, therefore detailed commentary can only be provided after careful study of the documents after their official arrival at Gazprom," Interfax quoted Gazprom's unnamed representative as saying. "Gazprom will defend its rights in accordance with the applicable law." Ukraine attempts to enforce Stockholm court $2.6bn award on Russia’s Gazprom
2.6 Ukraine’s M&A volume soars in 2017
Merger and acquisition (M&A) activity in Ukraine increased from 41 transactions seen in 2016 to 44 deals in 2017, while deal value increased by an impressive 57% to €554mn, according to May's report published by Kyiv-based law firm Aequo.
Despite greater political stability in Ukraine and the economy’s ongoing recovery from recession, dealmaking activity is still well below levels seen earlier in the decade. Market volume peaked in 2012 with 91 deals, following 70 transactions in 2010 and 75 in 2011, while total value topped €3bn in both 2010 and 2013.
At the same time, there was a significant shift towards domestic M&A activity taking place within the country in 2017, with 75% of deals changing hands between Ukrainian firms.
19 UKRAINE Country Report June 2018 www.intellinews.com