Monesgasque de Reassurances S.A.M. (Monde Re) v. Nak Naftogaz of Ukraine

158 F. Supp. 2d 377 (2001)

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Monesgasque de Reassurances S.A.M. (Monde Re) v. Nak Naftogaz of Ukraine

United States District Court for the Southern District of New York
158 F. Supp. 2d 377 (2001)

Facts

In 1998 the Russian company AO Gazprom (Gazprom) entered into a contract with a Ukrainian company that would eventually become part of Ukraine-based Nak Naftogaz of Ukraine (Naftogaz) (defendant), whereby Naftogaz agreed to transport natural gas through Ukraine and deliver the gas to foreign countries on behalf of Gazprom. In exchange, Gazprom agreed to deliver 235 million cubic meters of natural gas to Naftogaz. The next year, Gazprom accused Naftogaz of impermissibly withdrawing 1.48 billion cubic meters of natural gas. Gazprom submitted a claim to its insurer, which had reinsured the risk with Monesgasque de Reassurances S.A.M. (Monde Re) (plaintiff). Monde Re paid the claim and assumed the rights of Gazprom. Pursuant to the contract, Monde Re and Naftogaz arbitrated the dispute before the International Commercial Court of Arbitration in Moscow, and Naftogaz was ordered to pay $88,374,401.49 to Monde Re. Naftogaz failed to pay the award, and Monde Re filed suit in federal district court against both Naftogaz and the government of Ukraine for confirmation of the arbitral award and for entry of judgment. Naftogaz and Ukraine moved to dismiss the suit.

Rule of Law

Issue

Holding and Reasoning (Marrero, J.)

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