The court in Paris has approved and authorized the enforcement of the decision of the Hague arbitration, which ruled to recover from Russia $5 billion in favor of Naftogaz Group for damages caused by the illegal expropriation of its assets in Crimea.
About it reports press-service of the company.
It is noted that as part of the procedure Naftogaz has already initiated the arrest of a number of assets belonging to the Russian Federation and located in France. The total value of these assets exceeds 120 million euros. This is the first stage in the process of enforcing the arbitration award.
"This result is part of our global campaign to enforce the arbitration award. It is an extremely important legal victory for Naftogaz Ukrainy and five other Group companies. It allows Naftogaz to start the recovery procedure in France," emphasized Roman Chumak, head of Naftogaz Group.
It is reported that the legal support of the process in France is provided by the Paris-based firm Le 16 Law, which specializes in dispute resolution. Partners Julie Spinelli and Alexandra Sekely, with the participation of junior associates Pauline Gadd, Karl Shimura and Emma Ruby, are in charge of the case. All actions to obtain an award recognizing the arbitration ruling were conducted by the team on a pro bono basis.
It is also noted that Naftogaz continues to make efforts to enforce the arbitration award and intends to achieve full compensation for damages.
"We have already had some success in several other jurisdictions, in particular in the UK and Finland. We are determined to recover the full amount of compensation and protect the rights of Ukrainian state-owned enterprises in the international arena," the head of Naftogaz said.
