A French court docket has allowed Naftogaz Group to grab Russian property in French territory as a part of the Ukrainian oil and gasoline firm’s worldwide efforts to comprehend a $5 billion arbitral award referring to Naftogaz property in Crimea.
In 2023 Naftogaz gained compensation earlier than the Everlasting Court docket of Arbitration in The Hague over Russia’s seizure of the corporate’s property when Moscow annexed the peninsula in 2014.
“The Supreme Court docket of the Kingdom of the Netherlands not too long ago dismissed the cassation enchantment of the Russian Federation to overturn the tribunal’s partial award on jurisdiction and deserves”, Naftogaz mentioned in a web based assertion asserting the Paris Judicial Court docket’s grant of a depart to implement, or exequatur.
- Advertisement -
“However the tribunal’s award and the Dutch Supreme Court docket’s judgment, Russia has refused to pay Naftogaz the quantity due. Naftogaz has due to this fact launched a world enforcement effort, searching for to implement the award in international locations the place Russia holds property”.
Naftogaz mentioned it has “registered mortgages” on a number of Russian state-owned property in France valued over EUR 120 million ($136.47 million), in enforcement of the French choice.
“Our workforce is pursuing each out there authorized avenue to implement the award and guarantee Russia is held accountable for its illegal actions”, mentioned Naftogaz appearing chair Roman Chumak.
“Naftogaz continues to coordinate enforcement efforts throughout a number of jurisdictions, with profitable actions already underway in the UK and Finland”, Chumak added.
The Russian authorities has but to answer to Rigzone’s requests for touch upon the French ruling.
Paris-based Le 16 Regulation represented Naftogaz with out cost, Naftogaz mentioned.
In the meantime in Ukraine Naftogaz has reported continued Russian assaults on the corporate’s infrastructure. In line with a report by Ukraine, the United Nations, the World Financial institution and the European Fee, Ukraine’s vitality and extractives sector wanted $68 billion for reconstruction and restoration from damages sustained between February 2022, when Russia launched its battle, and December 2024.
Naftogaz has mentioned regardless of the assaults it continues to be a key contributor to Ukraine’s finances. It paid UAH 88.6 billion ($2.14 billion) in taxes in 2024. Moreover it remitted UAH 15.7 billion in dividends to the state for final yr, as reported by the corporate January 10, 2025.
Naftogaz’s newest earnings report confirmed it had generated UAH 24.4 billion in web consolidated revenue for the primary half of 2024, up practically 4 instances in comparison with the identical interval 2023.
Naftogaz’s consolidated working revenue for January-June 2024 was UAH 28.9 billion, greater than double the UAH 14 billion logged for a similar interval 2023.
“Naftogaz Group’s important enhancements in monetary outcomes have been pushed primarily by elevated revenues from the sale of gasoline, oil, petroleum merchandise, and pure gasoline distribution companies”, it mentioned September 26, 2024.
Naftogaz ended the interval with UAH 227.86 billion in present property together with UAH 86.17 billion in money and financial institution balances. Its present liabilities stood at UAH 144.83 billion together with UAH 50.15 billion in borrowings.
To contact the writer, e mail jov.onsat@rigzone.com
What do you assume? We’d love to listen to from you, be a part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all vitality professionals to Converse Up about our business, share data, join with friends and business insiders and interact in knowledgeable group that may empower your profession in vitality.
