Vienna Court Rules in Favor of Ukraine’s Naftogaz in $5 Billion Seizure Case Against Russia

The Ukrainian Naftogaz Group to enforce a $5 billion arbitration award against Russia over the illegal seizure of the company’s assets in Crimea.

According to Naftogaz’s press service on August 4, the ruling allows the seizure of more than 20 Russian-owned real estate properties in Austria, which are set to be auctioned off. The combined value of the assets exceeds $130 million.

“This is another concrete step toward recovering over $5 billion from Russia for the unlawful expropriation of Naftogaz Group’s assets in Crimea. Similar proceedings are ongoing in other jurisdictions. Russia will pay for everything,” said Naftogaz CEO Oleksiy Chernyshov.

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The company is represented in Austria by the law firm DORDA, with partner Alexander Karl and lead counsel Robert Keimelmayr heading the legal team, supported by Theresa Stingl, Naftogaz reported.

According to the statement, Naftogaz launched arbitration proceedings against Russia in October 2016, demanding compensation for the expropriation of its Crimean assets—actions in violation of the bilateral investment treaty between Ukraine and Russia.

Before the occupation, Naftogaz played a key role in Crimea’s gas sector, handling exploration, production, transportation, storage, processing, and distribution. Its seized assets included subsoil use permits, infrastructure, pipelines, gas storage facilities, and more than 675 million cubic meters of gas.

Earlier, at least 19 companies across 11 European countries filed lawsuits against Gazprom over alleged breaches of gas supply contracts, with total claims reaching $20.6 billion.

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