Summary

Nearly a decade ago, several Ukrainian companies (collectively, "NJSC Naftogaz of Ukraine" or "petitioners") initiated arbitration against the Russian Federation, seeking compensation for Russia's expropriation of their investments in Crimea. The arbitration tribunal issued the Final Award, awarding petitioners over $4.2 billion in compensation. Russia has subsequently sought to set aside the Final Award in The Hague Court of Appeal ("Hague Court") and that court's decision on Russia's appeal remains pending. Meanwhile, NJSC Naftogaz of Ukraine petitions this Court to enforce the Final Award under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards ("New York Convention").

Russia moved to dismiss the enforcement proceedings in this Court for lack of jurisdiction. On the parties' joint request, this Court originally stayed this action until April 1, 2026, pending the Hague Court's decision. Now that date has passed, and Russia has moved to renew the stay until the Hague Court decides the validity of the Final Award and the U.S. Supreme Court reaches a decision on two certiorari petitions that concern the arbitration exception to sovereign immunity under the Foreign Sovereign Immunities Act ("FSIA"). Petitioners oppose a renewed stay. Ultimately, this Court finds that judicial economy favors an expeditious resolution of this dispute and the balance of potential hardships from a continued stay tips in petitioners' favor. Accordingly, this Court denies Russia's motion for a renewed stay.