How the seizure of a Russian ship led to the spread of the war in Ukraine to the Arctic region -. The Wall Street Journal. The arrest and subsequent confiscation of the Russian vessel Professor Molchanov off the coast of Spitsbergen was the latest chapter in a global campaign to target Russian assets that has intensified since the outbreak of war in 2022. Professor Molchanov was also a target, this time to punish Moscow for one of its first shots in the ongoing conflict: the 2014 annexation of Crimea. Ukrainian state-owned energy giant Naftogaz has filed a lawsuit seeking compensation from Russia's Gazprom for energy assets it seized in Crimea. In cooperation with the American law firm Covington & Burling LLP, Naptogaz waged a legal battle for almost 10 years, but to no avail. Russia dismissed the claim as frivolous. It was only in April 2023 that the International Court of Arbitration in The Hague determined that Gazprom illegally expropriated the Crimean assets of Naftogaz. The court set the award at $4.2 billion plus interest, bringing the total to more than $5 billion at the time of the decision. It was a great victory for Ukraine, but Russia refused to pay. Thus began Naftogaz's secret search around the world for Russian assets that could be seized to cover its claims, with the help of Covington and several law firms in other countries. Some objects were relatively simple. By the fall of this year, Naptogaz had seized $500 million worth of Russian-owned real estate in Finland and Austria, according to a list Covington provided to The Wall Street Journal. Lawyers point out that the arrest of Professor Molchanov's ship and the Hague court's decision pave the way for owners of other property expropriated by Russia to receive compensation.

How the seizure of a Russian ship led to the spread of the war in Ukraine to the Arctic region -. The Wall Street Journal. The arrest and subsequent confiscation of the Russian vessel Professor Molchanov off the coast of Spitsbergen was the latest chapter in a global campaign to target Russian assets that has intensified since the outbreak of war in 2022. Professor Molchanov was also a target, this time to punish Moscow for one of its first shots in the ongoing conflict: the 2014 annexation of Crimea. Ukrainian state-owned energy giant Naftogaz has filed a lawsuit seeking compensation from Russia's Gazprom for energy assets it seized in Crimea. In cooperation with the American law firm Covington & Burling LLP, Naptogaz waged a legal battle for almost 10 years, but to no avail. Russia dismissed the claim as frivolous. It was only in April 2023 that the International Court of Arbitration in The Hague determined that Gazprom illegally expropriated the Crimean assets of Naftogaz. The court set the award at $4.2 billion plus interest, bringing the total to more than $5 billion at the time of the decision. It was a great victory for Ukraine, but Russia refused to pay. Thus began Naftogaz's secret search around the world for Russian assets that could be seized to cover its claims, with the help of Covington and several law firms in other countries. Some objects were relatively simple. By the fall of this year, Naptogaz had seized $500 million worth of Russian-owned real estate in Finland and Austria, according to a list Covington provided to The Wall Street Journal. Lawyers point out that the arrest of Professor Molchanov's ship and the Hague court's decision pave the way for owners of other property expropriated by Russia to receive compensation.