Norway seizes Russian ship to enforce $4.22 billion Ukrainian compensation claim
Norway said Wednesday it had seized a Russian ship as part of a Ukrainian effort to recover $4.22 billion awarded to state energy firm Naftogaz over Russia’s seizure of its assets in Crimea in 2014. The Professor Molchanov vessel was detained off the Arctic Svalbard archipelago after a Norwegian court ordered its arrest.
Norway has seized a Russian cruise ship near the Svalbard islands at the behest of Ukrainian energy firm Naftogaz. Naftogaz is pursuing a $4.22 billion claim against Russia for the unlawful seizure of its assets when Russia annexed Crimea in 2014. The Ukrainian company announced that Norwegian authorities seized the vessel Professor Molchanov at the port of Barentsburg in Svalbard.
The ship has been under Naftogaz's radar for months, as the arbitral award recognizing Russia's obligations in the case has been recognized in Norway. The vessel was ordered to remain at its current location, and the Governor of Svalbard must take steps to prevent it from being moved. Naftogaz's acting CEO, Sergii Fedorenko, affirmed that they will continue their pursuit of Russian assets worldwide until the awarded compensation is paid.
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- Norway Seizes Russian Cruise Ship to Enforce Naftogaz's $4.22 Billion Claim oilprice.com
- Norway seizes Russian ship in Arctic dailytimes.com.pk
