The Supreme Court of the Netherlands has rejected Russia's appeal against the Hague Arbitration Court's ruling requiring Moscow to pay $5 billion in damages to Naftogaz, the Ukrainian state-owned energy company said on Dec. 13.
Russia was ordered to pay the sum as compensation for misappropriated assets in occupied Crimea.
The tribunal ruled in February 2019 that Russia had expropriated Naftogaz's assets in Crimea in violation of the bilateral investment agreement between Ukraine and Russia.
This marks the second definitive ruling by Dutch courts confirming the validity of the Hague arbitration tribunal's partial award.
Following the 2019 ruling, the tribunal determined the damages in April 2023, ordering Russia to pay $5 billion. Despite the ruling, Russia continued to dispute the decision.
The assets in question were seized following Russia's illegal occupation of Crimea in March 2014, which was carried out after a sham referendum held under military occupation and without international oversight.
Tim Zadorozhnyy
(Updated: )
