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Why Gazprom’s $7.6 Billion Nord Stream 2 Fine Is Just the Start

Why Gazprom’s $7.6 Billion Nord Stream 2 Fine Is Just the Start

Stephanie Bodoni and Maciej Martewicz

Oct 9. 2020

(Bloomberg) — Poland’s antitrust watchdog slapped a $7.6 billion fine on Gazprom PJSC over the Nord Stream 2 pipeline, opening a new front in the bitter political battle over the natural gas project. Wednesday’s surprise move raises a whole set of legal questions about the plan, which is teetering on the brink. What was the fine for? The antitrust authority said Gazprom and its partners, which which is teetering on the brink.

What was the fine for?

The antitrust authority said Gazprom and its partners, which were ordered to pay about $61.3 million, failed to get its approval for a joint venture to finance the pipeline. Completing the project makes European gas customers more dependent on a single supplier, Gazprom, and may increase gas prices for Polish customers, the authority said. It also ordered the companies to terminate their financing agreements for the pipeline.

When will Gazprom have to pay up? 

The fine will only have to be paid once the court of appeals issues a binding verdict. If Gazprom doesn’t pay, judges could order the seizure of assets.

Read more at: https://www.bloombergquint.com/business/why-gazprom-s-7-6-billion-nord-stream-2-fine-is-just-the-start
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