JSC DTEK Krymenergo v Russian Federation, Judgment of the Hague Court of Appeal

Court proceedings resulted from an attempted enforcement of an arbitral award against the Russian Federation in the Netherlands.  The Hague Court of Appeal on 24 February 2026 upheld the refusal to lift the investor’s (DTEK) attachment over shares held by Gazprom International in a Dutch company, rejecting arguments that the attachment was procedurally defective or improperly served. The Court confirmed that Article 435(3) of the Dutch Code of Civil Procedure allows a creditor to attach assets held by a third party where it plausibly claims a right of recourse against that party, including on the basis of identification with the debtor or abuse of separate legal personality. It found that such claims—supported by expert evidence on Russian law, including the possibility of piercing the corporate veil—were sufficiently arguable to justify maintaining the attachment pending proceedings on the merits.

The Court also rejected Gazprom International’s reliance on state immunity from execution. It held that the attached shares were used for commercial purposes and thus fell within the exception to immunity under customary international law reflected in Article 19 of the UN Convention on State Immunity. In addition, it pointed to the broader context of Russia’s violations of jus cogens norms and its refusal to comply with the arbitral award. Balancing the parties’ interests, the Court found that DTEK’s need to secure enforcement outweighed Gazprom International’s commercial concerns, and therefore affirmed the attachment and the lower court’s judgment.

Full text: Gazprom_DTEK_CoA_Judgment_English