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Dutch court confirms $5 billion award to Naftogaz for Russian-seized Crimean assets

December 13, 2024

By Ukraine

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The Supreme Court of the Netherlands has rejected Russia’s appeal to overturn The Hague arbitration tribunal’s ruling regarding compensation for Naftogaz Group’s illegally expropriated assets in Crimea, Naftogaz reported on 13 December.

This marks the second and final confirmation by Dutch courts of the legitimacy and validity of the Partial Award issued by the arbitration tribunal at the Permanent Court of Arbitration in The Hague.

“The Supreme Court’s decision strengthens Naftogaz Group’s position in enforcement proceedings regarding Russia’s debt for illegal seizure of assets in Crimea. We are grateful to our legal advisors – Covington & Burling and NautaDutilh – for their brilliant work. Naftogaz is on the path to restoring justice,” said Roman Chumak, acting chairman of the board of Naftogaz of Ukraine.

According to the Partial Award issued on 22 February 2019, the tribunal confirmed its jurisdiction and established that Russia had expropriated Naftogaz Group’s assets in Crimea, violating the intergovernmental agreement between Ukraine and Russia on investment promotion and mutual protection. The Hague Court of Appeal rejected Russia’s application to overturn the Partial Award on 19 July 2022.

The Supreme Court agreed with the arbitration tribunal and The Hague Court of Appeal that the tribunal’s jurisdiction extends exclusively to investments made after 1 January 1992.

Following the Partial Award, the tribunal proceeded to determine compensation amounts. On 12 April 2023, the Final Award granted Naftogaz Group compensation of approximately $5 billion. While Russia continues to challenge this decision, the recent Dutch Supreme Court ruling further diminishes its chances of success.

At Naftogaz’s request, the Helsinki District Court has earlier frozen certain Russian assets in Finland, according to the company’s press release.

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