RusBankrot
We know everything about bankruptcy
05/12/2025
Friday
THIS DAY IN HISTORY:
5 December 
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
5 December
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
The court has awarded ˆ7.5 billion in damages to Wintershall, its law firm, and two arbitrators in The Hague
The Moscow Arbitration Court (AC GM) ordered a joint and several settlement of ˆ7.5 billion from the German company Wintershall, its representative, the law firm Aurelius Cotta, and two judges of the Hague Arbitration Court (case No. A40-92702/2025). This measure was imposed for failure to comply with a court injunction, as evidenced by procedural documents provided by the Prosecutor General's Office of the Russian Federation. Despite the direct order of the Russian court, the parties continued arbitration proceedings against the Russian Federation abroad.
It's important to note that the initial ban on participation in any foreign proceedings concerning former Russian assets was imposed by the Arbitration Court of the Hague in September at the request of the Prosecutor General's Office. This ban applied to both the two legal entities and the arbitrators. The court immediately warned of the financial consequences of violation: a fine of ˆ7.5 billion for each company and joint and several penalties of the same amount from Charles Poncet and Olufunke Adekoya. The third arbitrator, Hamid Gharavi, avoided sanctions by voluntarily withdrawing from the proceedings.
The court's position was upheld in the higher court: the district court upheld the decision, dismissing the Ministry of Energy's appeal. The Ministry, while not challenging the ban itself, insisted on a detailed explanation of its reasoning in the decision, including arguments about the impossibility of an impartial hearing of the dispute in The Hague and the arbitrators' ties to unfriendly countries. These arguments were supported by a representative of the Prosecutor General's Office.
The original claim was based on Wintershall Dea's long history of cooperation with Gazprom. The German company had been involved in the development of the Urengoy and Yuzhno-Russkoye fields for many years, operating several projects. Following the severance of ties in 2022, its assets were transferred to Russian entities by presidential decree in 2023.
Nevertheless, in May 2024, Wintershall initiated arbitration proceedings in The Hague, seeking compensation from the Russian Federation in the same amount – ˆ7.5 billion. The Russian arbitration court ruled that such proceedings could not be neutral and created a one-sided advantage for the foreign company. Neither Wintershall nor the other defendants participated in the hearings in Russia.
Furthermore, it was established that Wintershall attempted to apply to the Dubai International Financial Centre court to enforce a ruling obliging Russia to cease legal proceedings in Moscow. This action was also deemed a direct violation of the existing injunction.
Photo: Freepik
It's important to note that the initial ban on participation in any foreign proceedings concerning former Russian assets was imposed by the Arbitration Court of the Hague in September at the request of the Prosecutor General's Office. This ban applied to both the two legal entities and the arbitrators. The court immediately warned of the financial consequences of violation: a fine of ˆ7.5 billion for each company and joint and several penalties of the same amount from Charles Poncet and Olufunke Adekoya. The third arbitrator, Hamid Gharavi, avoided sanctions by voluntarily withdrawing from the proceedings.
The court's position was upheld in the higher court: the district court upheld the decision, dismissing the Ministry of Energy's appeal. The Ministry, while not challenging the ban itself, insisted on a detailed explanation of its reasoning in the decision, including arguments about the impossibility of an impartial hearing of the dispute in The Hague and the arbitrators' ties to unfriendly countries. These arguments were supported by a representative of the Prosecutor General's Office.
The original claim was based on Wintershall Dea's long history of cooperation with Gazprom. The German company had been involved in the development of the Urengoy and Yuzhno-Russkoye fields for many years, operating several projects. Following the severance of ties in 2022, its assets were transferred to Russian entities by presidential decree in 2023.
Nevertheless, in May 2024, Wintershall initiated arbitration proceedings in The Hague, seeking compensation from the Russian Federation in the same amount – ˆ7.5 billion. The Russian arbitration court ruled that such proceedings could not be neutral and created a one-sided advantage for the foreign company. Neither Wintershall nor the other defendants participated in the hearings in Russia.
Furthermore, it was established that Wintershall attempted to apply to the Dubai International Financial Centre court to enforce a ruling obliging Russia to cease legal proceedings in Moscow. This action was also deemed a direct violation of the existing injunction.
Photo: Freepik
21.11.2025
