Russian gas giant Gazprom is gearing up to fight the EU sanctions against it in court.

The state owned company has filed a claim with the EU Court of Justice asking for a review of the sanctions that have severely limited its access to foreign capital markets and technology.

The European Commission, the governing body that approved the sanctions, will be required to present evidence of Gazprom’s “illegal annexation of Crimea and the deliberate destabilization of Ukraine.”

Gazprom filed its claim on October 24.

Details about the company’s claims have not been disclosed.

However, a final review could take up to two years.

Rosneft, Russia’s largest state owned oil company, also filed a similar suit with the EU Court of Justice last Thursday.

In September, the U.S. and EU tightened financial sanctions against Russian oil companies including Rosneft, Gazprom and pipeline operator Transneft that would prohibit the companies from receiving bank loans with a maturity date longer than 30 days.

Exports of technology and equipment for deepwater exploration and production to Russia was already barred by previous sanctions along with the exploitation of oil and gas resources in the Russian Arctic and at onshore shale plays.

Neither Gazprom nor Rosneft have signaled if they will pursue similar legal challenges against U.S sanctions.


Leave a Reply