Naftogaz

Zelenskyy Overhauls Energy Sector Amid Corruption Concerns

In an effort to revitalize the energy sector, Ukraine has initiated a comprehensive overhaul of management and oversight at key state-owned energy companies. President Zelenskyy, along with the Prime Minister and Economy Minister, outlined a plan combining financial audits with governance changes, including the immediate appointment of new supervisory boards at Energoatom, Ukrhydroenergo, and the Gas Transmission System Operator. A competition to renew the Naftogaz supervisory board will be launched, with the new composition taking effect in January 2026. Zelenskyy emphasized the importance of transparency and integrity, directing officials to collaborate with law enforcement and anti-corruption bodies throughout the process to address any discovered issues.

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Hague Court Upholds Ruling: Russia to Compensate Ukraine for Crimea Asset Seizure

The Netherlands’ Supreme Court upheld lower court rulings rejecting Russia’s appeal against a Hague Arbitration Court decision. This decision confirms Russia’s liability for the illegal expropriation of Naftogaz’s Crimean assets, a violation of a Ukraine-Russia investment agreement. The ruling validates the February 2019 partial award and the subsequent $5 billion compensation order against Russia. This final judgment reinforces the Hague tribunal’s jurisdiction and follows a similar decision by a Finnish court, which seized Russian assets to enforce the award.

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