Finnish Court Orders Russian Assets Seized Amid Naftogaz Legal Battle

A Finnish court ordered the confiscation of $4.25 billion in Russian assets in Finland at the request of Ukrainian firm Naftogaz. This move follows a legal battle over Russia's 2014 Crimea annexation. Russia plans to contest the decision, with tensions rising between Moscow and Helsinki.

A Finnish court has taken a bold step by ordering the seizure of $4.25 billion in Russian assets within Finland. This decision comes at the behest of Ukrainian state firm Naftogaz, which has been embroiled in a legal struggle with Russia since 2016 over the annexation of Crimea in 2014.

The Kremlin, signaling its intent to fight back, has summoned the Finnish ambassador and demanded a reassessment of the situation. The Russian Foreign Ministry has warned of serious repercussions if the confiscation goes unaddressed, putting further strain on Russo-Finnish relations.

The case is noteworthy, as it's the first successful asset freeze outside Ukraine linked to the arbitration awards against Russia over Crimea. This includes a significant number of properties, half of which are diplomatic and therefore protected under international law.

(With inputs from agencies.)