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Norway detains Russian vessel in Svalbard over $4.22 billion Naftogaz award
Norwegian authorities detained the Russian-owned Professor Molchanov in Svalbard after Naftogaz applied to enforce an arbitration award worth approximately $4.22 billion. The vessel cannot leave Barentsburg Port, while support will be provided for the crew and passengers to return to Russia.
The Russian Federation-owned Professor Molchanov was detained in Svalbard by Norwegian authorities after the Ukrainian state energy company Naftogaz sought to enforce an arbitration award worth approximately $4.22 billion against Russia.
The Nord-Troms and Senja District Court ordered the vessel’s detention on August 31. The decision aims to secure fulfillment of the arbitration obligations, which amount to approximately $4.22 billion including interest and costs.
Naftogaz will pursue compensation
Naftogaz said the arbitration award concerns the seizure of assets in Crimea belonging to the company and other companies within the Naftogaz Group. The company also said the award had previously been recognized as enforceable in Norway.
Naftogaz’s acting CEO, Sergii Fedorenko, described the detention of the vessel as an important step toward recovering the company’s assets. Fedorenko said Russia could not escape responsibility by refusing to comply with the international arbitration award.
Fedorenko said they would continue tracking Russian assets in different parts of the world until the compensation awarded to Naftogaz and other companies within the Naftogaz Group was paid.
The Professor Molchanov is used for commercial expedition voyages, including those to Svalbard.
Vessel held at Barentsburg
Under the court’s decision, the Professor Molchanov is not allowed to leave its current location. Svalbard Governor Lars Fause was also asked to take measures to prevent the vessel from moving.
Norwegian public broadcaster NRK reported that the vessel was detained at Barentsburg Port following the ruling. Fause said assistance would be provided to those affected by the incident and that support would be offered to enable the crew and passengers to return to Russia.
Norway’s vessel-tracking system showed that the Professor Molchanov reached Longyearbyen at 14:00 on Tuesday. Fause said the matter would be handled locally through cooperation, meetings and dialogue with authorities in Barentsburg, while foreign policy issues would be referred to Oslo.
Naftogaz said the passengers on board were being assisted by the Norwegian authorities.
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