Austrian Court Backs Ukraine’s Naftogaz in Seizing €120 Million in Russian Assets
An Austrian court has authorized the Ukrainian energy group Naftogaz to enforce a major arbitration award against Russia by seizing Russian state assets located in Austria, valued at more than €120 million.
The Gaze reports this, referring to a statement made by Naftogaz.
The ruling by the Vienna District Court marks a critical milestone in Naftogaz’s efforts to recover over $5 billion awarded by an international tribunal for losses incurred due to Russia’s unlawful expropriation of the company’s assets in Crimea.
As part of the enforcement, the court approved the encumbrance of more than 20 Russian-owned real estate properties in Austria, which are now set to be auctioned off.
“This is another step on the road to ensuring Russia pays for its illegal seizure of Naftogaz assets in Crimea,” said Naftogaz CEO Oleksiy Chernyshov. “Russia will be held accountable for everything.”
Naftogaz initiated arbitration proceedings in 2016 under the bilateral investment treaty between Ukraine and Russia, seeking redress for the seizure of its extensive operations in Crimea.
These included gas production and processing infrastructure, pipeline networks, underground gas storage facilities, and over 675 million cubic meters of natural gas.
In April 2023, a tribunal under the Permanent Court of Arbitration in The Hague ruled in favor of Naftogaz, awarding the company more than $5 billion.
Despite the ruling, and a recent decision by the Supreme Court of the Netherlands rejecting Russia’s attempt to overturn jurisdictional findings in the case, Moscow continues to refuse payment.
In response, Naftogaz has launched a global enforcement campaign targeting Russian state assets around the world. The company is supported in this initiative by the U.S.-based law firm Covington & Burling.
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