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.
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
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.