Austrian court authorises Naftogaz to seize over €120 million in Russian assets

An Austrian court has granted Ukraine’s Naftogaz Group the right to seize more than €120 million worth of Russian state-owned assets in Austria, marking a major step in the company’s efforts to enforce a $5 billion arbitral award against the Russian Federation for the unlawful expropriation of its assets in Crimea.

The Vienna Inner City District Court approved the encumbrance of more than 20 Russian-owned real estate properties across Austria. These properties are expected to be sold at public auction, with the proceeds going toward partial enforcement of the arbitral award, Caliber.Az reports via Naftogaz. 

"This is another practical step toward recovering more than $5 billion from Russia for the unlawful seizure of Naftogaz Group’s assets in Crimea," said Sergii Koretskyi, CEO of Naftogaz. "Similar actions are underway in other jurisdictions. Sooner or later, Russia will pay for everything. Without fail."

Naftogaz is represented in the Austrian enforcement proceedings by the law firm DORDA, with partner Alexander Karl, principal associate Robert Keimelmayr, and associate Teresa Stingl leading the legal team. The company’s global enforcement campaign is supported by international law firm Covington & Burling, including attorneys David Pinsky, Clovis Trevino, Paris Aboro, and Dean Acheson.

By Sabina Mammadli