Dutch court lifts freeze on Gazprom's stake in joint venture with Wintershall

The decision of the court in The Hague concerns the russian company Gazprom's stake in Wintershall Noordzee, a joint venture formed with the German company Wintershall Dea and operating on the North Sea continental shelf. This measure ends the freeze imposed on these assets since May 2024, following a seizure request filed by two Ukrainian companies.

In May 2024, the Dutch court decided to freeze Gazprom's shares in Wintershall Noordzee B.V. and Gazprom International Projects B.V. as part of a dispute initiated by Ukrainian entities. This measure was intended to preserve assets pending the outcome of legal proceedings brought to enforce claims related to the current international situation. The freeze affected several Gazprom group companies operating in the European energy market.

The dispute arose when Gazprom International Limited began proceedings in March 2024 to sell its assets in the region. According to court documents, the initial value of the transaction was estimated at EUR 344 million ($374 million). The transaction included the sale of 50% of Wintershall Noordzee B.V., as well as 100% of Gazprom International UK Limited and Gazprom UK Limited. This restructuring follows changes in the regulatory and economic environment surrounding russian holdings in European joint ventures.

The lifting of the judicial freeze now allows Gazprom to proceed with the sale of its shares in these various entities. The holdings concerned play a role in regional energy supply, with the Wintershall Noordzee joint venture involved in the extraction and marketing of natural gas in the North Sea. According to public information, the sale could change the ownership structure of several strategic companies active in this market.

The proceedings reflect the legal uncertainties surrounding assets held by russian companies in the European Union. The latest court ruling comes amid ongoing tensions over the governance of cross-border energy assets.

Source: Energynews