Fitch doubted the chances of «Naftogaz» to recover billions from Gazprom

© RIA Novosti / Vitaly to Belowaverage in fotomontaggi Agency Fitch Ratings. Archival photoFitch doubted the chances of «Naftogaz» to recover billions from Gazprom© RIA Novosti / Vitaly to Belowaverage the image Bank

International rating Agency Fitch Ratings believes that the Ukrainian «Naftogaz» will not be able to recover funds from «Gazprom» following the results of the Stockholm arbitration, a press release published on the Agency’s website.

In its report, Fitch has assigned Eurobonds of «Naftogaz», which will be issued in the form of credit notes (LPN), provisional senior unsecured rating of ‘b -‘ and the rating of asset recovery ‘RR4’. Among other things, the rating is based on expert opinion, according to which «Naftogaz» will not be able to enforce the decision of the Stockholm arbitration.

The decision of the Stockholm arbitration

In early March, the Stockholm arbitration court satisfied the claim of «Naftogaz» to «Gazprom» on the claim for gas transit in the amount 4,673 billion dollars. Taking into account previously awarded in favor of «Gazprom» amounts under the contract for the supply of referees foreclosed counterclaims. In the end, the Russian company must pay to the Ukrainian of 2.56 billion. In total «Naftogaz» demanded from «Gazprom» of $ 17 billion.

The Russian company appealed the decision, and also announced the termination of contracts with the Ukrainian side.

Ukraine may 30, announced the beginning of enforcement tools and court the support of her petition about the arrest in Switzerland of the shares of Nord Stream AG Nord Stream AG 2, 5 June — a similar decision of the court on the assets of «Gazprom» in the Netherlands, and on June 19 in the UK.

«Gazprom» on June 14 stressed that we achieved in the appellate court suspending the execution of the «transit» solutions.