Finland freezes Russian assets due to Naftogaz's losses in Crimea

The Finnish Debt Recovery Office has arrested Russian assets worth 3.7 million euros as part of a lawsuit filed by the Ukrainian state-owned company Naftogaz.

This was reported by Krym.Realii with reference to the Finnish broadcaster Yle.

It is about the funds that Russia transferred several years ago to implement the program of border cooperation with the European Union. The money was held in the account of the Ministry of Economic Development and Employment of Finland, but the project itself was later terminated.

The Finnish authorities note that the seizure will remain in effect until a separate order is issued. This means that the owner will not be able to sell, transfer, or otherwise dispose of these assets.

According to Yle, since 2024, Finland has already seized Russian property worth more than 40 million euros.

Earlier, in October 2024, at the suit of Naftogaz of Ukraine, the Finnish authorities seized a number of Russian facilities, including the recreation center of the Russian Embassy.

The reason for such actions was the decision of the international arbitration in The Hague, which in April 2023 ordered Russia to pay Naftogaz $5 billion in compensation for assets lost after the occupation of Crimea.

The company then stated that if Russia refuses to comply with the decision voluntarily, it can be enforced in the countries where Russian assets are located in accordance with the provisions of the 1958 New York Convention.

As a reminder, Naftogaz of Ukraine has launched a legal campaign against Russia to recover more than $5.5 billion for the seized Crimean assets. The company has engaged law firms in the United States and France.

In October 2016, Naftogaz and six other group companies initiated arbitration in The Hague against Russia over the illegal seizure of assets in Crimea. In February 2019, the arbitration partially satisfied the company's claim, and in April 2023, it finally ordered Russia to pay $5 billion in compensation. The aggressor country, Russia, lost the appeal in December 2024. Earlier in 2025, the company ordered legal services in the Netherlands (700 thousand euros) and the Czech Republic (300 thousand euros) to enforce this decision.

Андрій Колісніченко