Naftogaz begins a forced recovery of $5 billion for assets in Crimea in countries where Russia has assets

Naftogaz of Ukraine NJSC, which on April 12 won against Russia in the Hague Arbitration Tribunal, announced the beginning of a forced collection of compensation from the Russian Federation at the expense of Russian property located in various countries of the world. This was announced by the chairman of the board of Naftogaz Oleksiy Chernyshov in a column for the EP.

According to him, at the time of the decision, the amount of compensation amounted to about $5 billion, and it will grow until Russia fully fulfills its obligations.

"This is the largest amount awarded by the international arbitration tribunal as compensation for Russia's expropriation of assets in Crimea," Chernyshov noted.

The strategy for collecting compensation from Russia was developed by the Naftogaz team together with the company's advisers, the American law firm Covington & Burling LLP.

One may remind that in June, Naftogaz and five other companies of the Naftogaz Group filed a petition with the US District Court of the District of Columbia to confirm the decision of the Hague Arbitration Tribunal, which was the beginning of the forced collection of funds from the Russian Federation.

Chernyshov noted that the company is already developing mechanisms for collecting funds from the Russian Federation and in other countries where is Russian property.

"Next are other countries that ... cannot be named... But our position, reflected in the strategy, is that Ukraine should receive the full amount of compensation stipulated by the arbitration decision. As well as interest, which will be accrued all the time until the final repayment of the debt by Russia," said the head of Naftogaz.

Chernyshov expressed his belief that the successful experience of Naftogaz will set a precedent for other Ukrainian companies that lost their property as a result of Russian aggression.