Netherlands Court orders Russia to pay Ukraine’s Naftogaz $5 billion for Crimea asset seizure
Russia has suffered a legal setback after its appeal against a compensation order in favor of Naftogaz was dismissed by the Supreme Court of the Netherlands. The court has ruled that Russia must pay $5 billion for seizing assets belonging to Naftogaz in Crimea, Naftogaz's press service announced on Friday, December 13.
This decision marks the second time that Dutch courts have upheld the Partial Award issued by the arbitral tribunal at the Permanent Court of Arbitration in The Hague.
Commenting on the ruling, acting Chairman of the Board of Naftogaz, Roman Chumak, stated, "The Supreme Court's decision strengthens Naftogaz Group's position in enforcement proceedings for recovering the debt from Russia for the illegal seizure of assets in Crimea... Naftogaz is on the path to restoring justice."
In the spring of 2023, the arbitral tribunal had ruled that Russia must compensate Naftogaz for damages inflicted by the seizure of its group companies' assets in Crimea. Additionally, Russia is required to cover Naftogaz's expenses related to the arbitration process.
Naftogaz initially filed its lawsuit against Russia in an international court in 2016. By June 2023, Naftogaz, along with five other group companies, had approached a court in the United States to enforce payment from Russia for the awarded funds.