The Supreme Court of the Swiss Canton of Zug has reinstated a freeze on shares in Nord Stream AG and Nord Stream 2 AG owned by Russia’s Gazprom, Naftogaz Ukrainy has said.
The assets will remain frozen while an appeal by Naftogaz is being heard against a ruling issued by a local debt enforcement office (DEO) to unfreeze these assets, the Ukrainian company said in a statement on July 3 evening.
The attachment of shares was lifted solely based on the statements of Nord Stream AG and Nord Stream 2 AG that the shares to be attached were not located within canton Zug and thus within the DEO’s jurisdiction and, as a result, to be struck off the list of attached assets.
“Without suspensive effect granted by the Superior Court, the DEO’s decisions would have become enforceable and the shares of Nord Stream AG and Nord Stream 2 AG would have been at Gazprom’s disposal again, even if they were located within the Zug’s DEO jurisdiction. Now, the said shares cannot be moved out of the Zug’s DEO jurisdiction during Naftogaz’s appeal consideration,” the statement said.
