Russian assets seized in Finland at the suit of Naftogaz

The Helsinki District Court has seized certain assets belonging to russia in Finland at the suit of Naftogaz of Ukraine. These are real estate and other assets estimated at tens of millions of dollars.

“This decision is part of Naftogaz's global strategy to recover compensation for damages caused by the seizure of the group's assets in the Autonomous Republic of Crimea in accordance with the decision of the Hague Arbitration,” the statement said.

According to the press service, this is the first publicly known successful seizure of assets outside Ukraine to enforce an arbitral award in cases involving claims by Ukrainian companies against russia over the expropriation of property in the Autonomous Republic of Crimea in 2014. It is an interim step towards the actual recovery of assets in favor of Naftogaz Group.

"Since russia refuses to voluntarily pay Naftogaz the funds stipulated by the Hague judgment, we continue to use all available mechanisms to recover them. Today we are one step closer to restoring justice. At the same time, we are taking active steps to enforce the arbitral award in other target jurisdictions where we have russian assets,” said Naftogaz CEO Oleksiy Chernyshov.

According to the press service, the interest provided for non-payment of funds in accordance with the arbitral award continues to accrue until the full payment of compensation under the arbitral award.

Source: Naftogaz press service