Finnish Court's Landmark Asset Seizure Heats Russian-Naftogaz Dispute

A Finnish court has enforced the confiscation of $4.25 billion of Russian assets in Finland at Naftogaz's request, amid a long-standing legal battle for compensatory claims following Russia's Crimea annexation. The move, unprecedented outside Ukraine, has sparked sharp criticism from the Kremlin.

A Finnish court has taken a decisive step by ordering the confiscation of $4.25 billion worth of Russian assets in Finland. The move follows ongoing legal proceedings initiated by Ukraine's Naftogaz since 2016, aimed at securing compensation for property expropriated during Russia's 2014 annexation of Crimea.

The Kremlin has firmly rejected the enforcement, with spokesman Dmitry Peskov asserting on Tuesday that Russia will employ all legal avenues to contest the measures and safeguard its property interests.

The confiscation, which Finland's National Enforcement Authority has begun to execute, marks the first successful asset freeze outside Ukraine related to the enforcement of arbitration awards. Naftogaz confirmed that frozen assets include real estate and other properties valued in the millions.

(With inputs from agencies.)