Latest news with #RomanChumak
Yahoo
22-04-2025
- Business
- Yahoo
Ukraine's Naftogaz loses almost 50% of gas production in winter due to Russian attacks
Russia attacked 34 facilities of Ukrgasvydobuvannya, Ukraine's largest gas producer and part of the state Naftogaz Group, last winter, leading to a loss of almost 50% of gas production, the company reported on April 21. Russian forces regularly attack Ukraine's energy infrastructure, leading to power and heat shortages across the country. The energy situation was most critical in the cities of Kryvyi Rih, Mykolaiv, and Kherson. Constant Russian attacks and the current state of the gas network could have left more than 1 million people without heating and electricity, the company's statement read. Emergency crews were said to work around the clock, and the company raised more than Hr 5 billion ($121 million) in humanitarian donor aid to avoid collapse. Naftogaz also imported 800 million cubic meters of gas and began restoring the damaged infrastructure to withstand the autumn and winter of 2024-2025 and compensate for losses. In March, Ukrgasvydobuvannya restored more than half of the production volumes lost because of the attacks, the company said. Naftogaz's interim CEO, Roman Chumak, said the company is already preparing for the next winter period. Since the beginning of 2025, Naftogaz has contracted 1.5 billion cubic meters of gas, of which 400 million cubic meters will be supplied in preparation for the 2025-2026 autumn-winter period. Read also: 'There was no ceasefire' — US-brokered energy truce fails to secure lasting results in Ukraine We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Euronews
18-04-2025
- Business
- Euronews
French court green lights Ukrainian gas firm's compensation claim against Russia
ADVERTISEMENT Ukrainian firm Naftogaz says it has been given the green light to pursue $5bn euro in compensation from the Russian state through the French courts after a Parisian civil court recognized the decision of an arbitration court dating from 2023. The claim, filed with the Permanent Court of Arbitration in the Hague, relates to a claim against the Russian Federation for compensation following the annexation of the Crimean peninsula in 2014, rather than the current underdeclared war the Kremlin is waging on its neighbour. 'This order by the French court recognizing and granting leave to enforce the final award enables Naftogaz to move forward with enforcement proceedings on French territory,' said Roman Chumak, CEO of the Naftogaz Group. 'Our team is pursuing every available legal avenue to enforce the award and ensure Russia is held accountable for its unlawful actions," Roman Chumak added. Naftogaz, which accuses Moscow of seizing pipeline and offshore infrastructure in what Kyiv and the EU regards as occupied territory, said in a statement that the French legal action was part of an effort 'to enforce the award in countries where Russia holds assets'. The news from Paris comes a day after a court in Saint Petersburg increased an award against Naftogaz to $1.3bn in a case launched by Russia's Gazprom over the energy firm's limiting of gas transit across Ukrainian territory, according to media reports citing Russian news agency Interfax. Gas transit into the EU via Ukraine ended this year when existing transit agreements expired, although imports continue via the Turkstream pipeline through the Baltics and on into Hungary and Austria. The European Commission is slated to present on 6 May an action plan to wean European off all Russian fossil fuel imports, but Budapest has already ruled out supporting any sanctions on gas, which would require the unanimous agreement of all 27 EU members.
Yahoo
17-04-2025
- Business
- Yahoo
French court enforces $5 billion Crimea damages award against Russia in Naftogaz case
A French court has authorized the enforcement of a $5 billion arbitration award against Russia for damages caused to Ukraine's state-owned energy company Naftogaz during the occupation of Crimea, the company announced on April 17. The decision allows Naftogaz to begin legal recovery efforts in France, including seizing Russian state assets to satisfy the award. The enforcement, known legally as exequatur, follows a 2023 ruling by the Permanent Court of Arbitration in The Hague, which found Russia liable for the illegal expropriation of Naftogaz assets following the 2014 annexation of Crimea. "This is an extremely important legal victory for Naftogaz Ukraine and five other group companies. It allows Naftogaz to start recovery proceedings in France," Naftogaz Group head Roman Chumak said in a statement. As part of its enforcement campaign, Naftogaz has already placed encumbrances on several Russian state-owned assets in France totaling over 120 million euros (around $136 million). The move is the first step toward forcibly recovering damages if Moscow refuses to comply with the arbitration ruling. Under international law, arbitration awards can be enforced in multiple jurisdictions through domestic courts. If a defendant's state fails to pay voluntarily, creditors can seek to seize foreign-held assets to satisfy the judgment. Russia's 2014 annexation of Crimea, following the ousting of pro-Kremlin President Viktor Yanukovych during Ukraine's EuroMaidan Revolution, led to the unlawful takeover of Ukrainian state and corporate property across the peninsula. Naftogaz, Ukraine's largest energy firm, lost critical infrastructure, natural gas reserves, and service networks in the region. Its case against Russia became one of the most high-profile corporate arbitration claims arising from the annexation. Read also: Trump's DC attorney pick made over 150 appearances on Kremlin propaganda outlets We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
17-04-2025
- Business
- Yahoo
French court paves way for forced recovery of US$5bn from Russia to Naftogaz
A French court has granted permission for the enforcement of a Hague arbitration ruling, which requires Russia to pay US$5 billion in damages to Naftogaz Group, Ukraine's largest national oil and gas company, as a result of the occupation of Crimea. Source: press service for Naftogaz, as reported by European Pravda Details: The case concerns compensation for damages caused by the unlawful expropriation of assets belonging to the Naftogaz Group in occupied Crimea, amounting to US$5 billion. Quote from Naftogaz Group CEO Roman Chumak: "This outcome is part of our global campaign for the enforcement of the arbitration award. It is an extremely important legal victory for Naftogaz of Ukraine and five other companies in the group. It allows Naftogaz to initiate the recovery procedure on the territory of France." Details: As part of this process, Naftogaz has already registered encumbrances on a number of assets owned by Russia and located in France, with a total value of over €120 million. This is being described as the first step towards the forced enforcement of the arbitration decision. The French proceedings are being handled by the Paris-based dispute resolution law firm Le 16 Law. Background: In April 2023, the Arbitral Tribunal at the Permanent Court of Arbitration in The Hague ordered Russia to pay US$5 billion to Naftogaz as compensation for damages and loss of property resulting from the occupation of Crimea. Arbitral awards can be enforced through a mechanism of forced execution. Therefore, if Russia refuses to comply voluntarily with the court ruling, Naftogaz has the right to initiate the recognition and enforcement process in jurisdictions where Russian assets are located. In October 2024, a court in Finland ordered the seizure of specific Russian assets in the country for the purpose of compensating Naftogaz – the first such decision in Europe. Read more: Finnish precedent: how Helsinki increases chances of getting compensation from Russia Support Ukrainska Pravda on Patreon!
Yahoo
17-04-2025
- Business
- Yahoo
Paris court gives Ukraine's Naftogaz go-ahead to pursue Gazprom compensation
KYIV (Reuters) - Ukraine's Naftogaz can start legal proceedings in France for compensation from Gazprom for assets seized in Crimea, it said on Thursday, after a Paris court recognised an international arbitration ruling from The Hague. Before Russia launched a full-scale invasion of Ukraine in February 2022, it seized Crimea in 2014 and annexed the peninsula, triggering sanctions from Western governments. Two years ago in April 2023, Naftogaz said the arbitration court in The Hague ordered Russia to pay $5 billion in compensation for unlawfully expropriating its assets in Russian-annexed Crimea in 2014. Paris's main civil law court has recognised The Hague ruling, Naftogaz said in a statement, describing it as "a key legal victory in its global enforcement campaign". "The Paris Judicial Court recognised and granted leave to enforce in France the landmark $5 billion final award issued by an arbitral tribunal in The Hague against the Russian Federation," its statement said. Neither the Paris court, Russia nor Gazprom had any immediate comment on the ruling. As part of the legal process, Naftogaz has registered mortgages on Russian state-owned assets located in France worth over 120 million euros ($136 million) as a "first step towards enforcement of the award". Naftogaz initiated arbitration proceedings with six other companies within Naftogaz Group in October 2016. Its CEO Roman Chumak said the company continued to coordinate enforcement efforts across multiple jurisdictions, with successful actions already underway in the United Kingdom and Finland. "The company remains resolute in its efforts to recover the full value of the award and defend the rights of Ukraine's state-owned enterprises on the international stage," Chumak said. ($1 = 0.8795 euros)
