“OJSC “Naftogaz of Ukraine” last week concluded two new agreements for the total amount of 366.6 million hryvnias to represent its interests in legal proceedings in the USA and France. The moves are part of a global campaign to collect $5 billion from Russia, awarded by the Hague Arbitration for seized assets in Crimea. “Our money” writes about it with reference to”, — write on: ua.news
OJSC “Naftogaz of Ukraine” last week concluded two new agreements for the total amount of 366.6 million hryvnias to represent its interests in legal proceedings in the USA and France. The moves are part of a global campaign to collect $5 billion from Russia, awarded by the Hague Arbitration for seized assets in Crimea.
About this write “Our money” with a link to the data in the Prozorro system.
Details of new agreements
- USA: An agreement worth $7 million (293.85 million UAH) was concluded with the law firm Covington & Burling LLP. This firm has been cooperating with Naftogaz since 2016 and won the arbitration. Under the new two-year contract, total costs will not exceed $7 million, including all legal and executive fees. Covington & Burling will continue to coordinate the campaign to trace and recover Russian assets worldwide.
- France: An agreement worth 1.5 million euros (72.76 million UAH) was concluded with the French firm Le 16 Law SELAS. This two-year contract is necessary because French law requires local lawyers to be involved in such cases. More than 130 million euros of Russian assets have already been seized in France.
General campaign and position of Naftogaz
These agreements are added to the previously concluded contracts in the Netherlands (with Loyens & Loeff NV) and the Czech Republic (with Havel & Partners s.r.o.) to defend the interests of Naftogaz in various jurisdictions regarding the implementation of the Hague Arbitration decision.
Naftogaz confirmed that it has engaged leading law firms to collect more than $5.5 billion (including interest) from Russia and assured that:
“Despite the scale of the processes, Naftogaz reduced the costs of international legal services by more than half compared to 2022. It was possible to attract some of the advisers on a pro bono basis, while others were given discounts as a long-term client operating in wartime conditions.
The company also added that most of the costs incurred in the implementation of the arbitration decision will be reimbursed by Russia.
Earlier “Naftogaz” will receive in permission of the District Court of Vienna to enforce the arbitration award against Russian Federation in the amount of more than $5 billion. It is about compensation for lost Crimean assets companies .
We also wrote that “ Naftogaz of Ukraine” won international arbitration against Russian “ Gazprom » for unpumped gas, and that must pay 1.37 billion dollars .
