the Polish oil and gas concern РGNIG threatened to seize the assets of “Northern stream – 2”. The company claims it is justified — they confirmed the Stockholm arbitration court as compensation for overpayment for gas supplied by Russia in previous years. On the one hand, experts believe that Warsaw is trying to put pressure on Moscow to save the transit of gas on its own territory. On the other, analysts suggest that after Poland with similar actions turn the other European countries, so the penalties that Stockholm in the future addresses the “Gazprom” will increase several times.
on the one hand, as noted by General Director of national energy Institute Sergei Pravosudov, the seizure of assets does not mean their exclusion from the owner. “Gazprom” it is forbidden to sell subject to such sanctions property, or in some other way transfer it to third-party owners. This measure of pressure is directed on increase of cost of transit of Russian gas through the Polish pipeline system in other European countries, and also reduction of prices on “blue fuel”, which our country supplies to Poland. The very payment of $1.5 billion is much less fundamental.
“Evident that Warsaw is threatened to seize the assets of “Northern stream – 2”. Much easier and more practical would it be to expose similar court sanctions the shares of the company EuRoPol GAZ, which owns the Polish section of the pipeline “Yamal-Europe”. The Russian monopoly, as well as РGNIG, in this structure belongs at 48%. To put such a relatively affordable asset to the arrest, and control of its business and, most importantly, financial management would be much easier than to claim the assets of the “Nord stream – 2″, whose owner is not only Gazprom, but also several major European corporations,” notes justice.
however, as the expert, the parties would have to compromise, and Russia will likely have to make concessions. In mid-may expiration of the term of the agreement on the transit of Russian gas through Poland to Western Europe. Theoretically, Warsaw comes in a civilized manner. After completion of the contract with “Gazprom” company РGNIG announced the auction for the cost of transit of “blue fuel” in its section of the pipeline “Yamal-Europe”. Also Warsaw has published a new Network code, which, since may, promises to lead to growth of tariffs for pumping gas.
in addition, the cost of gas is completely tied to the oil basket. If the quotes of “black gold” fall, quite rightly, requires the recalculation of formulas in the contracts, protecting the interests of the Europeanfir consumers of “blue fuel”. Now oil prices are at the lowest in two decades, levels. According to analyst GK “Finam” Alexey Kalachev, control limits have significantly reduced demand for “blue fuel” to European countries. Gas storage facilities the Old world by the middle of April was filled with more than 60%, which significantly exceeds the usual seasonal value. Foreign deliveries “Gazprom” has decreased both in natural and in monetary terms, and market prices are very close to the historical lows observed in the 1990s years.
the Volume of deliveries of the Russian company in the CIS countries in January-February 2020, according to the Federal customs service reached 25 billion cubic meters, which is 30% lower than the same period last year. In absolute terms the decline in exports of pipeline gas from Russia exceeded 10 billion “cubes”. Most reduced purchases Netherlands (almost 55%), Austria (about 50%) and Germany (38.5%).
So, at first glance, the claim for updating the value of future tranches of the Russian fuel from Warsaw sound quite reasonable. However, Poland needs to compensate for the fees for previous years, when the oil price was much higher and thus causes the gas prices, spelled out in Russian-Polish contracts.
However, the position of “Gazprom” in court litigation in РGNIG cannot be considered as convincing. According to RusEnergy partner Mikhail Krutikhin, in the contract of the Russian company on gas supply in Poland was reflected that all contradictions will be resolved in the Stockholm arbitration court, the verdicts of which each of the parties will be obliged strictly to obey. These decisions, as agreed by counterparties not subject to dispute and will be powered. The Stockholm arbitration court decided that Gazprom should pay to the Polish side of $1.5 billion, because for quite a long time Russian fuel prices were inflated. This decision “Gazprom”, as he pledged earlier to perform. Therefore, the plaintiff, representing Warsaw, and announced the possible seizure of the foreign assets of our company. The property of “Gazprom”, they can arrest anywhere in the world — for this, you will need to contact the judicial authorities of the country where it is possible to impose such sanctions.
“Similar action may be followed by other European countries which followed Ukraine and Poland will be able to claim compensation for previously purchased fuel. Gazprom is well aware. Not in vain two years ago the company created in its financial statements a provision for penalties under the transit contract with Ukraine, which prevised $4.5 billion it is possible that this amount will be far from final and as a result “Gazprom” will have to withstand the onslaught in the Stockholm arbitration, not only Polish, but also other European companies”, says Krutikhin.
