Uniper sees risk of foreclosure on its assets in Russia and abroad due to Gazprom Export claim

MOSCOW. May 7 (Interfax) - German Uniper sees a risk of foreclosure on its assets in Russia and abroad due to a claim by Gazprom Export and has filed an appeal against the decision of the Arbitration Court of St. Petersburg and the Leningrad Region, Uniper said in its financial report.

Uniper and METHA initiated ad hoc arbitration based in Stockholm, Sweden last November based on long-term gas supply agreements worth 14.312 billion euro.

The Arbitration Court of St. Petersburg and the Leningrad Region, having prohibited the German Uniper Global Commodities SE and METHA (Methanhandel GmbH) from continuing proceedings in international commercial arbitration, imposed a sanction on them of 14.312 billion euro for violating the injunction.

"Uniper considers the court's decision a violation of international law and the principle of a fair trial and has filed an appeal against this decision in Russia. However, this claim will allow Gazprom Export to seize Uniper's assets in Russia and possibly even beyond its borders. Uniper is studying the impact of the risks and the Group's prospects regarding the situation, as well as any further legal steps. Based on a very early preliminary assessment, the potential foreclosure of Uniper's assets is not assessed as a significant individual risk," the document said.