The Dutch Supreme Court has dismissed Russia's appeal against Naftogaz of Ukraine, upholding the decision of the arbitration tribunal of the Permanent Court of Arbitration in The Hague. This ruling reinforces the legality and validity of the partial award in favor of Naftogaz.
The dispute centers around Russia's illegal seizure of Naftogaz assets in Crimea following the annexation of the peninsula in 2014. The arbitration tribunal had previously ruled that Russia must compensate Naftogaz for the losses incurred due to this seizure.
Roman Chumak, Acting Chairman of the Board of Naftogaz, welcomed the decision, stating, “The Supreme Court's decision strengthens the position of Naftogaz Group in enforcement proceedings to recover Russia's debt for the illegal seizure of assets in Crimea... Naftogaz is on the path to restoring justice.”
This ruling marks a significant step in Naftogaz’s efforts to enforce the compensation and hold Russia accountable for its actions in Crimea.
The dispute centers around Russia's illegal seizure of Naftogaz assets in Crimea following the annexation of the peninsula in 2014. The arbitration tribunal had previously ruled that Russia must compensate Naftogaz for the losses incurred due to this seizure.
Roman Chumak, Acting Chairman of the Board of Naftogaz, welcomed the decision, stating, “The Supreme Court's decision strengthens the position of Naftogaz Group in enforcement proceedings to recover Russia's debt for the illegal seizure of assets in Crimea... Naftogaz is on the path to restoring justice.”
This ruling marks a significant step in Naftogaz’s efforts to enforce the compensation and hold Russia accountable for its actions in Crimea.