Prominent international law firm Covington & Burling LLP, acting as legal advisor to Naftogaz Group, will engage the services of US investigation firm K2 Integrity in order to pursue implementation of a USD 5 billion award by the Hague Tribunal Award in the Crimean case. This was announced by Naftogaz CEO Oleksiy Chernyshov on 27 July 2023 during his business visit to Washington, DC.

"The K2 team will assist us in the search for Russian commercial assets. Based on the search results, we will plan our further enforcement strategy to recover USD 5 billion compensation from Russia. I believe that the course we are on will serve as an example for other companies that have suffered from Russian aggression,” noted Chernyshov.

Background: On 12 April 2023, the Arbitral Tribunal of the Permanent Court of Arbitration at The Hague ordered Russia to pay USD 5 billion in compensation for Naftogaz losses and lost property in Crimea.

On 19 April 2023, prominent international law firm Covington & Burling LLP unveiled an enforcement strategy to recover compensation from Russia.