Austria greenlights Naftogaz to seize €120 mln in Russian assets
Photo: Naftogaz to recover assets worth 120 mln euros from Russia (Vitalii Nosach, RBC-Ukraine)
The district court of Vienna has granted NJSC Naftogaz (national oil and gas company of Ukraine) permission for the forced execution of the arbitration decision against the Russian Federation, adopted in the case of the illegal seizure of the company's assets in Crimea. The amount to be recovered exceeds 5 billion US dollars, according to NJSC Naftogaz of Ukraine.
The court also allowed the seizure of more than 20 real estate objects of Russia in Austria, the total value of which exceeds 120 million euros. These properties are planned to be put up for auction for sale in order to compensate for the damages.
A step towards justice
The Chairman of the Board of Naftogaz, Serhii Koretskyi, called this decision another practical step on the path to justice.
"Russia will pay for everything. Sooner or later. Definitely!" he stated.
The interests of Naftogaz in Austria are represented by the law firm DORDA, in particular, partner Alexander Karl and chief lawyer Robert Keimelmair.
Background
In October 2016, Naftogaz initiated arbitration proceedings against Russia. The Ukrainian company demanded compensation for the illegal expropriation of assets in Crimea, including licenses, equipment, infrastructure, and gas stored in underground facilities.
In April 2023, the arbitration tribunal in The Hague ordered Russia to pay Naftogaz more than 5 billion dollars. This is the largest compensation awarded to a Ukrainian investor for Moscow's actions in Crimea.
Russia does not pay, so recovery began
Despite the final arbitration decision and the Supreme Court of the Netherlands' refusal to cancel the tribunal's jurisdiction, Russia continues to refuse payment.
In response, Naftogaz initiated an international campaign to recover Russia's assets in various countries, in particular in Austria, where the process of asset realization has already begun.
Legal support for this case is also provided by the international law firm Covington & Burling. The team includes David Pinsky, Clovis Trevino, Paris Aboro, and Dean Acheson.
The court of Paris granted permission for the forced execution of The Hague arbitration's decision on compensation for damages caused by the illegal expropriation of the Naftogaz Group's assets in Crimea in the amount of 5 billion dollars.
