British court recognizes decision of the Hague Arbitration on compensation of USD 5 billion to Naftogaz for assets seized by russia in Crimea

The Naftogaz of Ukraine national joint-stock company and five other companies of the Naftogaz group received an order of the High Court of Justice of England and Wales to recognize the arbitration decision regarding compensation by russia to the group of losses (including interest) in the amount of USD 5 billion for seized assets in Crimea, and a partial arbitration award on jurisdiction and liability.

This is stated in the message of Naftogaz, Ukrainian News Agency reports.

According to the report, the appeal to the Court of England and Wales is part of the global strategy of Naftogaz to collect the specified compensation.

Naftogaz is also working to obtain confirmation and enforcement of the arbitration award in the United States and other target jurisdictions.

In particular, russia is due to appear before the US District Court for the District of Columbia on February 23, 2024, after the russian federation was successfully served with a subpoena through diplomatic channels.

"The Naftogaz Group is one step closer to restoring justice. The British court recognized the recent arbitration award to compensate Naftogaz for damages in the amount of USD 5 billion for the Group's assets in Crimea seized by russia. Since the aggressor did not voluntarily pay the funds stipulated by the Hague decision, we continue to use all mechanisms are available to collect these funds in the target jurisdictions where there are russian assets," said the head of Naftogaz, Oleksii Chernyshov.

As Ukrainian News Agency earlier reported, in June, Naftogaz began forcible collection of USD 5 billion from the russian federation for lost property in Crimea.

On April 12, the arbitration tribunal at the Permanent Chamber of the Arbitration Court in The Hague ordered russia to pay Naftogaz USD 5 billion in compensation for damages and property lost in Crimea.