Finnish Court Rules in Favor of Ukraine's Naftogaz, Orders Seizure of Russian Assets

A Finnish court in Helsinki has ruled in favor of Ukraine’s state-owned oil and gas company, Naftogaz, ordering the seizure of Russian assets in Finland valued at tens of millions of dollars, as stated by the company on October 28.

A 2023 ruling from the Permanent Arbitration Court in The Hague determined that Russia must compensate Naftogaz Group $5 billion for assets unlawfully taken during the 2014 occupation of Crimea.

Naftogaz claims that Russia breached the investment protection agreement between the two nations by seizing strategically important energy investments belonging to Naftogaz.

"Since Russia refuses to voluntarily pay the amount specified in The Hague decision, we are utilizing all available mechanisms to collect these funds. Today, we are one step closer to restoring justice," stated Oleksii Chernyshov, head of the Naftogaz Group.

The Finnish court's ruling includes the seizure of "real estate and other assets," although Naftogaz did not provide further details.

This decision represents the first enforcement of the arbitration ruling in a court of a third country, according to the company's statement.

Naftogaz also noted that interest on Russia's outstanding obligations will continue to accumulate until full payment is made.