The Dutch court has finally confirmed the legality of the Hague arbitration decision to compensate Naftogaz Group for the assets seized by Russia in Crimea. UNN reports this with reference to the press service of Naftogaz.
The Supreme Court of the Kingdom of the Netherlands dismissed the cassation appeal of the Russian Federation to set aside the Partial Award of the Hague Arbitration for damages caused by the illegal expropriation of Naftogaz Group's assets in Crimea
Thus, for the second and final time, the Dutch courts have confirmed the legality and validity of the partial award of the arbitral tribunal of the Permanent Court of Arbitration in The Hague.
“The Supreme Court's decision strengthens Naftogaz Group's position in enforcement proceedings to recover the debt owed to Russia for the illegal seizure of assets in Crimea. We are grateful to our legal advisors, Covington & Burling and NautaDutilh, for their outstanding work. Naftogaz is on the way to restoring justice,” said Roman Chumak, who is temporarily acting as the Chairman of the Board of Naftogaz of Ukraine.
For reference
In a partial award dated February 22, 2019, the tribunal confirmed its jurisdiction over the arbitration proceedings and found that Russia expropriated Naftogaz Group's assets in Crimea in violation of the provisions of the intergovernmental agreement between Ukraine and Russia on the promotion and mutual protection of investments.
On July 19, 2022, the Court of Appeal of The Hague rejected the application of the Russian Federation to set aside the partial award. The Supreme Court agreed with the position of the arbitral tribunal and the Court of Appeal of The Hague that the jurisdiction of the arbitral tribunal extends exclusively to investments made after January 1, 1992.
Following the partial award, the tribunal proceeded to consider the amount of damages to be compensated to Naftogaz Group . On April 12, 2023, the final award was made in the case, which awarded Naftogaz Group compensation in the amount of approximately USD 5 billion.
We remind you
At the request of Naftogaz, the Helsinki District Court has seized certain Russian assets in Finland.