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Naftogaz in Crimea: K2 Integrity to join recovery of $5bn compensation

Investigators of K2 Integrity will assist in the search for Russian commercial assets to enforce compensation.

Naftogaz in Crimea: K2 Integrity to join recovery of $5bn compensation
Photo: Facebook/Naftogaz Group

The prominent international law firm Covington & Burling LLP, acting as legal advisor to Naftogaz Group, will engage the services of US investigation firm K2 Integrity in order to pursue implementation of a 5bn dollar award by the Hague Tribunal Award in the Crimean case. This was announced by Naftogaz CEO Oleksiy Chernyshov on 27 July 2023 during his business visit to Washington, DC.

“The K2 team will assist us in the search for Russian commercial assets. Based on the search results, we will plan our further enforcement strategy to recover $5bn compensation from Russia. I believe that the course we are on will serve as an example for other companies that have suffered from Russian aggression,” noted Chernyshov.

In June Naftogaz filed a lawsuit in the United States to collect $5bn from Russia for assets in Crimea. Russia refused to voluntarily execute Naftogaz the arbitration awards according to the arbitration decision in The Hague dated 12 April, 2023.

On 19 April 2023, Covington & Burling LLP, a prominent international law firm, unveiled an enforcement strategy to recover $5bn in compensation from Russia. 

In February 2019, the Arbitration Tribunal in The Hague confirmed its jurisdiction over the case and recognised that the Russian federation had illegally expropriated Naftogaz investments in Crimea. 

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