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Norway Seizes Russian Ship in Arctic to Enforce Naftogaz Arbitration Claim

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Norwegian authorities seized the Russian state-owned vessel Professor Molchanov off the Arctic archipelago Svalbard to enforce a $4.22 billion arbitration awarded to Ukrainian energy firm Naftogaz.

"We will continue to pursue Russian assets around the world until the compensation awarded to Naftogaz and other Naftogaz Group companies is paid," said Naftogaz's Acting CEO Sergii Fedorenko in a statement on Wednesday.

The legal action follows an international tribunal ruling in Hague ordering Moscow to pay damages for the expropriation of Naftogaz assets during the 2014 annexation of Crimea.

The Nord-Troms and Senja District Court ordered the seizure on Aug. 31, following an application by Naftogaz, after the arbitral award was officially recognized as enforceable in Norway.

Meanwhile, the Russian Foreign Ministry strongly condemned the action and government officials called the seizure an act of piracy, Reuters reported, citing state media.

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Commodities

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Commodities

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