A Dutch court has approved a petition filed last week by Naftogaz Ukrayiny to seize assets owned by Gazprom in the Netherlands as part of the state-owned Ukrainian company's bid to recover $2.6 billion owed by its Russian counterpart following an arbitration ruling earlier this year.
Six of seven Gazprom Dutch subsidiaries 'refuse to cooperate'
Naftogaz seeking to recover $2.6 billion awarded by arbitration court
Bailiffs working to effect asset freeze in Switzerland
In a statement Tuesday, Naftogaz said six out of seven of Gazprom's Dutch subsidiaries had "refused to cooperate" with the bailiffs looking to effect the asset "attachment" -- the court's order for asset seizure.
The move by Naftogaz to seize Gazprom assets in Europe represents a serious escalation in tensions between the two companies, which have been at odds over gas supply and pricing since 2014.
"Naftogaz will use all legitimate measures and tools available to us to enforce the decision and fully recover the amount awarded from Gazprom," CEO Andriy Kobolev said.
"Unfortunately, [Gazprom] is not acting in good faith, in respect neither of the arbitration awards, nor with the orders of European courts in other jurisdictions," Kobolev said.
Gazprom, which could not be reached for immediate comment Tuesday, has seven subsidiary companies in the Netherlands, including the Blue Stream Pipeline Company -- a special holding company for the gas link from Russia to Turkey -- and two international upstream units.
Naftogaz has also moved to "attach" assets in other jurisdictions as well, including the shares of Gazprom's subsidiaries Nord Stream AG and Nord Stream 2 AG in Switzerland.
"The bailiffs are working on effecting the freeze after the Swiss court supported the petition of Naftogaz," the Ukrainian company said Tuesday.
Gazprom has appealed against the Stockholm arbitration award, but the appeal does not delay the Russian company's obligation to settle the award, Naftogaz said.
"The appeal also has no effect on the enforcement process, which was confirmed by the swift decisions of courts in various European jurisdictions," it said.
Naftogaz began the process of seizing Gazprom assets in Switzerland, the UK and the Netherlands last week by filing petitions to the relevant courts.
Gazprom last week said it would "defend its rights in accordance with the applicable legislation."
