The DTEK energy holding company in the Netherlands has secured the seizure of assets belonging to Gazprom International Limited, a company controlled by the Russian Federation, in the form of a 50% stake in the Dutch company Wintershall Noordzee B.V., as part of the enforcement of an arbitration award.
“Gazprom International Limited appealed the seizure, but the District Court of The Hague rejected Gazprom International Limited’s appeal and upheld the seizure,” DTEK told Interfax-Ukraine news agency.
The company recalled that after the illegal occupation of Crimea in 2014, Russia also illegally seized and expropriated all assets of the energy distribution company DTEK Krymenergo, which distributed and supplied electricity in Crimea.
In 2017, DTEK Krymenergo filed a lawsuit with the International Court of Arbitration in The Hague, demanding that Russia pay damages caused by the illegal expropriation. In 2023, the international arbitration court in The Hague upheld DTEK’s claim and awarded damages of approximately $267 million from the Russian Federation, including interest, which will accrue until full payment is received.
“Since Russia did not comply with the international court’s decision and did not pay the damages awarded, DTEK initiated enforcement proceedings to recover damages from Russia in countries where Russian assets are located,” the energy holding company said.
Currently, active enforcement procedures and measures against Russia are being carried out in the United States, the United Kingdom, the Netherlands, the Czech Republic, and Israel. In addition, measures are being developed for enforcement in other jurisdictions.
As reported, in the fall of 2023, the International Court of Justice in The Hague fully upheld DTEK’s claim against Russia regarding seized assets in the illegally annexed Crimea and ordered Russia to pay the Ukrainian company compensation in the amount of $267 million. The arbitration award is enforceable under the 1958 New York Convention.
At the same time, the energy holding company noted that it plans to immediately initiate the process of recognition and enforcement of the award in the territories of those states where Russia has assets.
DTEK Krymenergo was the largest electricity supplier on the Crimean peninsula, providing more than 80% of its supply.
Wintershall Noordzee B.V. is engaged in the exploration and production of natural gas in the North Sea on the continental shelf of the Netherlands and the United Kingdom. Wintershall Noordzee B.V. is a subsidiary of the German company Wintershall Dea.
