Finland seizes Russian assets worth tens of millions of dollars at Naftogaz’s reques

The District Court of Helsinki imposed an arrest on certain Russian assets in Finland at the request of Naftogaz and five other Naftogaz Group companies.

Naftogaz is Ukraine’s leading enterprise in the country’s fuel and energy complex.

This court decision marks a significant legal precedent as it represents the first successful seizure of Russian assets outside Ukraine specifically tied to compensation for properties expropriated in Crimea in 2014.

The Helsinki court’s ruling validates Naftogaz’s claims, which were validated by the Hague arbitration, and establishes a practical mechanism for Ukrainian companies to recover losses through international legal channels.

According to Naftogaz press service,  the seized property includes real estate and other assets valued at tens of millions of dollars.

“It is an intermediate step towards actual recovery of assets in favor of Naftogaz Group,” Naftogaz Group CEO Oleksiy Chernyshov said.

Chernyshov adds that the company continues pursuing enforcement of the arbitration award in other jurisdictions where Russian assets are located. Interest charges stipulated for non-payment under the arbitration decision continue to accrue until full compensation is paid.

The announcement comes as Naftogaz Group reported paying nearly 67 billion hryvnias ($1.6 bn) in taxes from January to September 2024.

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