Dutch Court Allows Gazprom to Move Forward with North Sea Asset Sale

A Dutch court has removed the restriction on the North Sea assets of Russian energy behemoth Gazprom, enabling the company to move forward with its plans to sell off holdings worth hundreds of millions of euros, as reported by Reuters and the Vedomosti business daily on Tuesday.

As detailed by Reuters, the District Court of The Hague determined that confiscating Gazprom’s assets could contravene international laws regarding state immunity, which safeguard the assets of foreign nations and state-owned enterprises from domestic legal actions.

These assets were previously frozen by Dutch authorities during legal actions taken by Slavutych-Invest and Zhniva, two Ukrainian investment firms that are seeking reparations from Gazprom in connection with the Russian invasion of Ukraine.

In early 2024, Gazprom revealed its intentions to auction its North Sea holdings, including a 50% stake in Wintershall Noordzee B.V. (WINZ) and complete ownership of Gazprom International U.K. Limited, which has interests in the Sillimanite and Wingate gas fields.

The company initially priced the sale at 344 million euros ($375 million).

Additionally, the proposed divestment included Gazprom’s stake in Gazprom U.K. Limited and its parent company, Gazprom U.S. Resources S.A.

The asset freeze, enacted as a precaution amid the Ukrainian lawsuits, had hindered the sale process.

With the Dutch court’s ruling, Gazprom is now able to proceed with the transaction.