Dutch court upholds decision to compensate “Naftogaz” for assets seized by Russia in Crimea

The Supreme Court of the Netherlands has refused to grant Russiaʼs cassation appeal to annul the Hague arbitration award regarding compensation for damages caused by the illegal expropriation of “Naftogaz” assets in Crimea.

This was reported by the press service of “Naftogaz”.

Thus, for the second time and finally, the Dutch courts have confirmed the legality and validity of the decision of the arbitral tribunal at the Permanent Court of Arbitration in The Hague.

"The Supreme Courtʼs decision strengthens the position of Naftogaz Group in enforcement proceedings to collect debts owed to Russia for the illegal seizure of assets in Crimea," noted Roman Chumak, who temporarily acts as the Chairman of the Board of “Naftogaz” of Ukraine.

• “Naftogaz” filed a claim for compensation back in 2016. The company wanted Russia to compensate for the value of all assets on the occupied peninsula and in the Black Sea that it seized in 2014. In March 2019, international arbitration recognized its jurisdiction in this case.
• On April 12, 2023, the Arbitration Tribunal at the Permanent Court of Arbitration in The Hague ordered Russia to pay $5 billion in compensation. Russia appealed the decision.

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