Catch Me If You Can - Naftogaz Finally Catches Up With Russian Assets
21 September 2026
Naftogaz has secured the arrest of the Russian vessel Professor Molchanov in Norway as part of proceedings to enforce its Crimea arbitration award.
The story began a decade ago, when Naftogaz commenced arbitration against the Russian Federation in 2016 over assets expropriated in Crimea. In 2023, Naftogaz received an award of more than USD 4.22 billion. Russia’s challenges to the tribunal’s jurisdiction and liability findings were dismissed by the Dutch courts.
According to Naftogaz’s lawyers at Covington, the amount now due is approximately USD 6 billion, including interest and costs.
The arrest in Norway follows enforcement efforts in Finland and the United States. It provides important evidence for other Ukrainian claimants in Crimea arbitrations that persistent and properly managed legal work can produce tangible results and bring the Russian Federation closer to financial responsibility.
We look forward to seeing further enforcement results in other jurisdictions.
Aksio Partners has experience providing consultancy services in connection with Crimea-related investment arbitrations and supports Ukrainian businesses that lost investments in territories occupied by the Russian Federation.