Austrian court allows “Naftogaz” to recover over €120 million from Russia

“Naftogaz” received permission from the Vienna District Court to enforce an arbitration award against Russia worth over $5 billion.

This is stated on the “Naftogaz” website.

In particular, the court allowed the freezing of more than 20 Russian real estate properties in Austria, which will be sold at auction. The total value of these assets exceeds €120 million.

“Another practical step on the way to recovering over $5 billion from Russia for the illegally seized assets of the ʼNaftogaz Groupʼ in Crimea. Similar actions are ongoing in other jurisdictions. Russia will pay for everything. Sooner or later. Definitely!” said the Chairman of the Board of “Naftogaz of Ukraine” Serhii Koretsky.

• In October 2016, “Naftogaz” initiated arbitration proceedings against Russia, demanding compensation for its illegal seizure of property following the annexation of Crimea.
• In June of this year, “Naftogaz” won an arbitration award against “Gazprom" for $1.37 billion in a separate case. Since May 2022, “Gazprom” has violated its contractual obligations under the “take or pay” principle by ceasing payments.

For more news and in-depth stories from Ukraine, please follow us on X.