The Paris court recognized and granted permission for forced execution (exequatur) of the Hague arbitration award on compensation for losses caused by the illegal expropriation of Naftogaz group assets in Crimea in the amount of USD 5 billion.
This is announced in a Naftogaz statement, Ukrainian News Agency reports.
The statement says that within the framework of this process, Naftogaz has already registered encumbrances on a number of assets owned by the russian state and located in France, with a total value of over EUR 120 million.
This is the first step towards the forced execution of the arbitration award.
It is noted that the French proceedings are being conducted by the Parisian law firm for dispute resolution Le 16 Law.
The team is led by partners Julie Spinelli and Alexandra Szekely, supported by junior associates Pauline Gadd, Karl Shimura, and Emma Ruby.
The process of obtaining a court decision recognizing and authorizing the enforcement of the final arbitration award was carried out by the Le 16 Law team entirely on a pro bono basis.
Naftogaz continues to do everything possible to bring the enforcement of the arbitration award closer.
“We have already had some success in several other jurisdictions, including the United Kingdom and Finland. We are determined to collect the full amount of compensation and protect the rights of Ukrainian state-owned enterprises in the international arena,” the head of the Naftogaz group emphasized.
As Ukrainian News Agency earlier reported, on December 13, 2024, the Supreme Court of the Kingdom of the Netherlands refused to grant the russian federation’s cassation appeal to annul the Partial Award of the Hague Arbitration Court on compensation for losses caused by the illegal expropriation of the Naftogaz group’s assets in Crimea.
At the end of 2023, Naftogaz of Ukraine and five other companies of the Naftogaz group received an order from the High Court of Justice of England and Wales recognizing an arbitration award on compensation by russia to the group for losses (including interest) in the amount of USD 5 billion for seized assets in Crimea, as well as a partial arbitration award on jurisdiction and liability.
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