Ukraine to secure $6.9 billion in arbitration from Russian Gazprom, Zelensky says
Ukraine intends to secured $6.9 billion in international arbitration rulings against Russian energy giant Gazprom, President Volodymyr Zelensky said on July 20, citing a report by Serhii Koretskyi, CEO of Ukraine's state-owned energy company.
"These are absolutely fair decisions that demonstrate the responsibility of Russia and Gazprom and affirms the strength of international law," Zelensky said.
He added that Ukrainian ambassadors will receive detailed instructions on July 21 on how to proceed with the recovery of the awarded funds.
This June, Naftogaz secured another legal victory against Gazprom. An international arbitration in Switzerland has ordered the Russian energy giant to pay $1.37 billion in damages to Naftogaz.
In 2023, the Permanent Court of Arbitration in The Hague found Russia liable for the illegal expropriation of Naftogaz assets following Russia's occupation of Crimea in 2014. A French court authorized this April the enforcement of a $5 billion arbitration award against Russia for damages caused to Ukraine's state-owned energy company Naftogaz during the occupation of Crimea.
Under international law, arbitration awards can be enforced in multiple jurisdictions through domestic courts. If a defendant's state fails to pay voluntarily, creditors can seek to seize foreign-held assets to satisfy the judgment.
Naftogaz, Ukraine's largest energy firm, lost critical infrastructure, natural gas reserves, and service networks in the region. Its case against Russia became one of the most high-profile corporate arbitration claims against Russia following the start of the war in 2014.
