Russia Pays for Its Plundering Expeditions

David Pinsky’s commentary was included in an article from the Finnish publication Helsingin Sanomat about Finland’s confiscation of Russian property, including that of Ukraine’s state-owned energy company, Naftogaz, which Covington represents in arbitration proceedings, and which Russia seized during the annexation of Crimea in 2014.   

In 2019, the Permanent Court of Arbitration in The Hague issued an interim judgment in which it ruled that Russia had violated investment protection and took up the case. In April 2023, the court issued a final arbitration ruling, ruling that Russia must pay Naftogaz, including interest, approximately five billion euros. Since Russia has not paid compensation, Naftogaz sought enforcement in those countries where Russia has assets, including Finland.

David said, "The freezing of assets in Finland is just one step in Naftogaz's global strategy to ensure that the company receives compensation for assets seized in Crimea.”