The “Ukrnafta” case is closed: Sweden’s Supreme Court has put an end to the multi-billion-dollar lawsuit filed by Kolomoyskyi’s entities
7 January 21:36
On November 21, the Swedish Supreme Court rejected the latest attempt by Cypriot companies linked to businessman Ihor Kolomoyskyi to seek a review of the Stockholm arbitration award in the “Ukrnafta” case . This was reported by the Ukrainian Ministry of Justice, according to "Komersant Ukrainian".
The court refused to open proceedings, which means that the arbitration awards have become final and binding.
Who was involved and what was the dispute about
The companies in question are Littop Enterprises, Bordo Management, and Bridgemont Ventures, which, through a Cypriot entity, held a 40.1% stake in Ukrnafta.
In 2015, these companies demanded over $6 billion in compensation from the Ukrainian government and Naftogaz of Ukraine. The lawsuit concerned restrictions on the free sale of natural gas reserves in Ukraine between 2006 and 2014.
After the Ukrainian side refused to pay compensation, the plaintiffs turned to international arbitration in Stockholm.
In February 2021, the Stockholm arbitration tribunal dismissed the claim in its entirety, ruling that it lacked jurisdiction to hear the case. The tribunal concluded that the claimants had not made investments in the authorized capital of “Ukrnafta” within the meaning of the Energy Charter Treaty and, therefore, had no right to bring an arbitration claim against Ukraine.
In early 2025, these findings were upheld by the Svea Court of Appeal in Stockholm. The Swedish Supreme Court was the final instance, but it too refused to review the case.
Financial Consequences
Following the final decision, the Cypriot companies are required to reimburse Ukraine for its legal costs, specifically:
- approximately $19 million in arbitration costs,
- $2.7 million in court costs,
- and approximately $550,000 in additional expenses.
