Russia will pay. Ukraine’s national energy company, Naftogaz, has announced it has received official approval from the Vienna District Court to initiate forced enforcement of the largest arbitration award against Russia, worth over $5 billion.
Due to the Kremlin’s refusal to pay voluntarily, Naftogaz has launched procedures to seize Russian assets worldwide.
A blow to Russia in the heart of Europe
Based on the Austrian court decision, more than 20 pieces of Russian state-owned real estate in Vienna have been seized, with a total value exceeding €120 million.
These assets will be sold, and the proceeds transferred to Ukraine as part of the compensation awarded in The Hague.
“This is another practical step towards collecting over $5 billion from Russia for the illegal seizure of Naftogaz Group's assets in Crimea. Russia will pay for everything,” says Naftogaz CEO Serhii Koretskyi.
Arbitration in action
Naftogaz is represented in Austria by the DORDA law firm. The team includes partner Alexander Karl, lead counsel Robert Keimmelmayr, and Therese Stingl.
The seized property includes shares in gas pipelines, equipment, licenses for subsoil use, and over 675 million cubic meters of gas in underground storage, all of which Russia seized during the occupation of Crimea.
Naftogaz was a key player in Crimea’s gas market, responsible for exploration, production, transportation, processing, and distribution of gas.
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