The Supreme Court of the Netherlands has upheld the Hague arbitration award, confirming Naftogaz Group’s right to compensation for assets expropriated by Russia in Crimea. This decision, reported by Naftogaz’s press service, strengthens the company’s position in ongoing enforcement proceedings to recover damages.
The court dismissed Russia’s appeal against the Partial Award issued by the Permanent Court of Arbitration in The Hague, which ruled that Russia’s seizure of Naftogaz’s assets violated a bilateral investment agreement between Ukraine and Russia.
Naftogaz’s acting Chairman, Roman Chumak, stated: “The decision reinforces our efforts to hold Russia accountable for the illegal expropriation. We are grateful to our legal advisors for their exceptional work. Naftogaz is committed to restoring justice.”
Key milestones in the case include:
- 22 February 2019: The tribunal confirmed its jurisdiction and found Russia guilty of expropriating Naftogaz’s assets.
- 19 July 2022: The Court of Appeal in The Hague rejected Russia’s attempt to overturn the Partial Award.
- 12 April 2023: The tribunal issued a Final Award, ordering Russia to pay approximately USD 5 billion in compensation.
Despite Russia’s ongoing appeals, the Supreme Court’s latest decision significantly weakens its chances of overturning the rulings.