Naftogaz Wins $5B from Russia in Arbitration Ruling Over Crimea Annexation. Ukraine's state-owned gas company, NJSC Naftogaz, announced on Thursday that an

international arbitration panel based in The Hague has ordered Russia to pay $5 billion in compensation for losses caused by the seizure of assets during the illegal annexation of Crimea in 2014.

The Hague-based Permanent Court of Arbitration's decision is expected to trigger a lengthy process for Ukraine and Naftogaz to recover Russian assets abroad, which will likely rely on an international treaty governing the enforcement of foreign arbitration awards.

David Pinsky, lead counsel for Naftogaz with law firm Covington & Burling LLP, said that the company would use all possible means to enforce the award. Photo by J29, Wikimedia commons.