Helsinki Court of Appeal confirms seizure of russian assets in favour of Naftogaz

The Helsinki Court of Appeal has upheld the seizure of millions of russian state assets in Finland.

This was reported by Helsingin Sanomat.

The appeal court's decision upheld a district court ruling from June last year, which found the seizure of russian property to be lawful, despite russia's objections. The court denied russia's request to continue the case, but Moscow has the right to appeal to the Finnish Supreme Court.

The seizure of assets is based on a decision by the International Court of Arbitration in The Hague in April 2023. According to the ruling, russia must pay more than €5 billion to the Ukrainian energy company Naftogaz as compensation for damages caused by the occupation of Crimea. russia refused to pay, so the Ukrainian company initiated international enforcement proceedings in countries where russia has assets, including Finland.

Finland was the first country outside Ukraine to seize russian property to ensure compensation. The freezing of assets prevents russia from selling or transferring property, and the sale of seized property is only possible after a separate court decision, which can take years.

In addition to Finland, Naftogaz is filing lawsuits in many Western countries. In Austria, the company has already won a court case, and russian state property worth €120 million has been seized, which can be sold at auction, with the proceeds going to the Ukrainian company.

Source: iPress, Helsingin Sanomat