According to a statement by Ukraine’s Justice Ministry on Jan. 7, the ruling upholds a Feb. 4, 2021, arbitration award that sided with Ukraine.
In 2015, Littop Enterprises Limited, Bordo Management Limited, and Bridgemont Ventures Limited—together known as LBB—initiated arbitration under the Energy Charter Treaty, arguing that state-owned Ukrnafta had supplied natural gas to households at below-market prices and on other unfavorable terms. LBB held 40.1009 percent of Ukrnafta’s shares at the time.
“A tribunal agreed with Ukraine’s position that it lacked jurisdiction to hear the case,” the ministry said. It noted that LBB had not made a qualifying investment under the treaty and therefore had no right to arbitration. The Svea Court of Appeal in Stockholm had already reached the same conclusion.
By refusing to open appellate proceedings, the Swedish Supreme Court has made all decisions in the case final. The Justice Ministry said LBB must reimburse Ukraine more than $22 million in arbitration and court costs, plus interest under Sweden’s Interest Act.
In November 2025, the High Court of Justice in London ordered Kolomoisky and Bogolyubov to pay state-owned PrivatBank more than $3 billion in damages and legal fees after finding them liable for large-scale fraud. The two oligarchs owned PrivatBank before its nationalization in December 2016.