What happened
Naftogaz of Ukraine succeeded in obtaining an arbitral award in its favor against Russia. In 2023, a tribunal of the Permanent Court of Arbitration (PCA) in The Hague ordered Russia to pay $5B, excluding interest, for the seizure of Naftogaz’s assets in Crimea. In April 2025, Naftogaz obtained recognition and enforcement of the award in Paris and registered an “attachment lien” over Russian state assets in France. In October 2024, the Helsinki court froze Russian real estate in Finland. In August 2025, a Vienna district court authorized the attachment of more than 20 real estate properties owned by Russia in Austria, worth more than €120M.
Why it is notable
The first attachments of Russia’s sovereign assets in several EU jurisdictions to enforce an arbitral award.