The Paris court has allowed the enforcement of the Hague arbitration award and to recover $5 billion from Russia in favor of “Naftogaz”. These are losses caused by the illegal seizure of “Naftogaz” group assets in occupied Crimea.
This was reported by the press service of “Naftogaz”.
“This result is part of our global campaign to enforce the arbitration award. This is an extremely important legal victory for NJSC “Naftogaz” of Ukraine and five other companies of the Group. It allows “Naftogaz” to initiate collection proceedings in France,” explained the head of “Naftogaz” group Roman Chumak.
As part of this process, “Naftogaz” has already registered encumbrances on a number of assets owned by the Russian Federation and located in France, with a total value of over €120 million. This is the first step towards enforcing the arbitration award.
- “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.
- In December 2024, the Supreme Court of the Netherlands rejected Russiaʼs appeal to overturn the Hague arbitration award. However, Russia still refuses to pay “Naftogaz” the awarded amount.
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