Norway Seizes Russian Ship Over $4.2 Billion Naftogaz Claim

Norway has seized the Russian vessel Professor Molchanov in the Arctic to enforce a $4.22 billion compensation claim awarded to Ukrainian energy company Naftogaz over assets Russia seized following its 2014 annexation of Crimea. The ship was detained off Svalbard and will remain in the Norwegian Arctic archipelago.

The Svalbard governor’s office confirmed that the vessel would be held in Svalbard and said arrangements would be made for its crew and passengers. Russia has demanded the ship’s immediate release and said it would pursue the matter through legal channels. The vessel had arrived in the Russian-operated settlement of Barentsburg carrying Russian scientists.

Naftogaz has been pursuing Russian assets in several countries to enforce a 2023 Hague tribunal ruling that awarded it $4.22 billion plus interest and legal costs. The Ukrainian company said it would continue seeking Russian assets worldwide until the compensation is paid, while Russia continues to challenge the enforcement efforts.

Pic courtesy: google/ images are subject to copyright