Finland freezes EUR 3.7 mln in Russian assets on Naftogaz request – media
Finland’s National Enforcement Authority has seized approximately EUR 3.7 million belonging to Russia at the request of Ukrainian state energy company Naftogaz and its subsidiaries, Finnish broadcaster Yle reported, citing the relevant decision by the agency.
The funds are linked to an EU external border cooperation program in which Finland participated jointly with Russia. According to the case materials, the Russian side paid its share of the financing before Russia’s full-scale invasion of Ukraine in 2022, but the funds remained under the control of Finland’s Ministry of Employment and the Economy after the project was completed.
The National Enforcement Authority’s document states that the seizure is temporary and will remain in effect until revoked. The measure was imposed as a precautionary step to secure potential claims by the creditor.
"The approximately EUR 3.7 million placed in temporary seizure originates from the EU’s now-defunct external border cooperation programme, in which Finland and Russia both took part," the report says.
In addition, legal proceedings continue in Finland regarding the enforcement of rulings on compensation recovery from the Russian Federation. The Helsinki District Court ruled to enforce the 2023 Hague arbitration award in favor of Naftogaz concerning compensation for losses related to property seized in Crimea in 2014.
The Russian side has appealed the ruling in the court of appeals. If the decision enters into legal force, Russian assets frozen in Finland worth more than EUR 4 billion could be transferred to Naftogaz as compensation.
