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A court in Britain ordered the Russian Federation to pay Naftogaz $5 billion for properties in Crimea

Photo: zn.ua

If Russia refuses to voluntarily comply with the court’s decision, Naftogaz has the right to initiate the process of compulsory enforcement of the decision on the territory of the states where the assets of the Russian Federation are located.

Russia is obliged to pay five billion dollars to Naftogaz group companies due to the damage caused by the illegal annexation of Crimea. This decision was made by the High Court of England and Wales, confirming the corresponding arbitration decision in The Hague, Naftogaz press service reports.

It was noted that the British court’s order dated December 5 recognized the arbitration award to pay Naftogaz for damages, including interest, in the amount of $5 billion, as well as “a partial arbitration award on jurisdiction and liability.”

Naftogaz also noted that since the aggressor did not voluntarily pay the funds provided by the Hague decision, the company continues to use all available mechanisms to recover these funds in the target jurisdictions where there are assets of Russia.

In October 2016, Naftogaz and six other group companies initiated arbitration in The Hague against the Russian Federation based on an intergovernmental agreement on mutual protection of investments. In February 2019, the tribunal ruled in favor of Naftogaz, confirming jurisdiction over the case.
The final decision was made by the arbitration court at the Permanent Court of Arbitration in The Hague on April 12, 2023. Among all similar arbitration awards, the compensation amount for this claim is the largest.
If Russia refuses to voluntarily implement the court’s decision in accordance with the New York Convention of 1958, Naftogaz has the right to initiate the process of recognition and entry into the compulsory execution of the decision in the territory of the states where Russian assets are Federation is located.

Let’s recall that in June 2023, Naftogaz went to the US court to recover $5 billion from Russia to comply with the arbitration decision in The Hague. Russian Gazprom has threatened Naftogaz with sanctions due to arbitration courts.

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Source: korrespondent

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