Finland seizes $4.25 billion in Russian assets over Crimea claims
The Russian Ministry of Foreign Affairs summoned the Finnish ambassador to express strong opposition to a Finnish court's decision to seize Russian assets valued at $4.25 billion. This confiscation was executed at the request of the Ukrainian company Naftohaz, which seeks compensation for property lost in Crimea.
1:43 PM EDT, October 30, 2024
The Russian Ministry of Foreign Affairs reacted sharply to the seizure by Finnish authorities of 45 properties belonging to the Russian Federation. According to Russia, the seized properties include buildings with diplomatic immunity that are used by the Russian embassy for official purposes.
A representative of Russian diplomacy informed the Finnish ambassador "to reconsider this illegitimate decision, grossly violating provisions of the Vienna Convention on Diplomatic Relations of 1961, as soon as possible." Russia also warned that if Helsinki does not respond, retaliatory actions will be taken.
Extensive asset seizure operation
Finnish enforcement services have seized several valuable properties located in various parts of the country. Among the seized assets are estates on the Åland Islands, an office-residential complex in Helsinki, and exclusive residences on the Gulf of Finland, all used by Russian diplomatic staff.
Earlier, the Finnish enforcement agency also seized a prestigious science and culture center building in the heart of Helsinki, owned by the Russian Federation.
Ukrainian claims as the basis of actions
The legal basis for the confiscation of Russian assets is an arbitration ruling in The Hague from April 2023. The tribunal ordered Russia to pay more than $5.3 billion in compensation to the Ukrainian company Naftohaz. The compensation addresses losses suffered by the Ukrainian company as a result of the annexation of Crimea in 2014, when it lost control of its installations and resource stockpiles on the peninsula.
Due to Russia's non-compliance with the ruling, the Ukrainian company initiated efforts to freeze and seize Russian assets in various countries. The actions taken in Finland are part of this international enforcement campaign.
