By KYIV. Dec 19 (Interfax-Ukraine) – Naftogaz, together with five companies of the Naftogaz Group, has secured an order from the High Court of Justice of England & Wales recognizing its $5 billion final award on damages (including interest) against Russia, as well as the underlying partial award on jurisdiction and liability, on December 5, 2023.
“The Naftogaz Group is one step closer to recovering its losses caused by russia. We are pleased to announce that we have obtained an order recognizing the recent $5 billion Crimea arbitration award in England & Wales. Since russia refuses to pay the amounts owed under the award, we continue to leverage all available mechanisms to recover these funds in target jurisdictions hosting russian assets,” said Naftogaz Group CEO Oleksiy Chernyshov.
The enforcement proceedings in England & Wales are part of Naftogaz’s worldwide strategy to recover $5 billion owed by Russia under the award.
Naftogaz is also seeking recognition and enforcement of the award in the United States, as well as other target jurisdictions.
Naftogaz said that Russia is due to appear before the U.S. District Court for the District of Columbia on February 23, 2024, following successful service of process on Russia via diplomatic channels.
Interest for non-payment of funds in accordance with the award continues to accrue until full payment, the group said.
Naftogaz is represented pro bono in England & Wales by Naomi Briercliffe and Katie Pritchard of Squire Patton Boggs, Stephen Midwinter KC, Edward Ho and Emilie Gonin of Brick Court, and David Baker of Essex Court Chambers, with the support of Covington & Burling, who act as lead counsel in coordinating Naftogaz’s global enforcement efforts.
The group said that the award is the largest yet issued in the various arbitrations brought by Ukrainian investors who had assets confiscated by Russia in Crimea.
