Naftogaz Plans Legal Action to Recover $5 Billion Compensation for russian Seizure of Crimea Assets

Covington & Burling LLP, a prominent international law firm, unveiled an enforcement strategy to recover $5 billion in compensation from russia for the illegal confiscation of Naftogaz Group's assets in Crimea. The meeting, which took place in Washington, DC, on April 19, 2023, was attended by Naftogaz Group CEO Oleksiy Chernyshov.

Naftogaz does not expect voluntary compensation from the russian federation. Instead, the company is working with legal industry partners to explore all legal mechanisms available to recognize and enforce the recent arbitration award. We cannot disclose any details, but we have a clear strategy: we are working on all possible ways to enforce compensation right now," commented Chernyshov.

Chernyshov also expressed his gratitude to partners who are supporting Ukraine and Naftogaz Group in the pursuit of justice.

Crimes cannot and will not go unpunished. I thank our partners for their joint work in this direction and the results we have already achieved," he added.

Background: The Arbitration Tribunal at the Permanent Court of Arbitration in The Hague issued an order on April 12, 2023, for russia to pay $5 billion in compensation to Naftogaz for losses and lost property in Crimea following the russian military occupation of the Ukrainian peninsula in 2014.