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Montag, 6. August 2018

Reuters: Gazprom suspends external borrowing amid spat with Naftogaz

Reuters: Gazprom suspends external borrowing amid spat with Naftogaz

|By:, SA News Editor 
Gazprom (OTCPK:OGZPYsuspended its external borrowing program earlier this year because of a growing legal dispute with Ukraine’s Naftogaz over gas supplies, Reuters reports, citing banking sources.
A London court in June froze the Russian firm’s assets in the U.K. at the request of Naftogaz, which was seeking to enforce an earlier arbitration ruling from Sweden that ordered Gazprom to pay it $2.6B; the verdict likely scared Western banks that traditionally work with Gazprom because it raises the possibility that any new funds the company might raise via London also could be frozen, according to the report.
Gazprom, which is on the hook to repay $15.2B in external debt this year, still can raise funds on the Russian market and recently tested investors’ appetite with a 40B ruble bond ($630M), but the situation means it faces higher borrowing costs and prolonged regulatory uncertainty, the report says.

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