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Reçu aujourd’hui — 5 août 2025
  • ✇Euromaidan Press
  • Ukraine wins historic $5 billion award against Russia—and Europe starts making Moscow pay it
    Russia will pay. Ukraine’s national energy company, Naftogaz, has announced it has received official approval from the Vienna District Court to initiate forced enforcement of the largest arbitration award against Russia, worth over $5 billion. The ruling, known as the “Crimea Award”, was issued in 2023 by the Permanent Court of Arbitration in The Hague. It obligates Russia to compensate Naftogaz for losses stemming from the illegal seizure of its assets in temporarily occupied Crimea. Due to the
     
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✇Euromaidan Press

Ukraine wins historic $5 billion award against Russia—and Europe starts making Moscow pay it

Par :Olena Mukhina
5 août 2025 à 06:47

Ukrainian gas transit system

Russia will pay. Ukraine’s national energy company, Naftogaz, has announced it has received official approval from the Vienna District Court to initiate forced enforcement of the largest arbitration award against Russia, worth over $5 billion.

The ruling, known as the “Crimea Award”, was issued in 2023 by the Permanent Court of Arbitration in The Hague. It obligates Russia to compensate Naftogaz for losses stemming from the illegal seizure of its assets in temporarily occupied Crimea.

Due to the Kremlin’s refusal to pay voluntarily, Naftogaz has launched procedures to seize Russian assets worldwide.

A blow to Russia in the heart of Europe

Based on the Austrian court decision, more than 20 pieces of Russian state-owned real estate in Vienna have been seized, with a total value exceeding €120 million.

These assets will be sold, and the proceeds transferred to Ukraine as part of the compensation awarded in The Hague.

“This is another practical step towards collecting over $5 billion from Russia for the illegal seizure of Naftogaz Group’s assets in Crimea. Russia will pay for everything,” says Naftogaz CEO Serhii Koretskyi.

Arbitration in action

Naftogaz is represented in Austria by the DORDA law firm. The team includes partner Alexander Karl, lead counsel Robert Keimmelmayr, and Therese Stingl.

The seized property includes shares in gas pipelines, equipment, licenses for subsoil use, and over 675 million cubic meters of gas in underground storage, all of which Russia seized during the occupation of Crimea.

Naftogaz was a key player in Crimea’s gas market, responsible for exploration, production, transportation, processing, and distribution of gas.

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