Tatarstan files $300 mln lawsuit against Ukraine

04.05.2016 16:38

Ukrinform

The Republic of Tatarstan, a part of the Russian Federation, has filed a $300 million lawsuit to international arbitration against Ukraine in the case on changing the shares of stockholders in PJSC Ukrtatnafta, the Ukrainian oil refining company.

According to Ukraine’s prospectus of eurobonds, Tatarstan in its lawsuit accuses Ukraine of infringing the agreement on encouragement and mutual protection of investments signed between the governments of Ukraine and the Russian Federation on November 27, 1998, the Hromadske TV website informs.

According to the plaintiff, Ukrainian courts violated this document by issuing rulings that led to a significant decrease in Tatarstan’s share in Ukrtatnafta.

A reminder that the Ukrainian Justice Ministry on November 24, 2015 sent a letter to Tatarstan with proposals to settle the dispute, but Tatarstan didn't accept them.

PJSC Ukrtatnafta is disputable asset for Ukraine and Tatarstan.

Companies close to OAO Tatneft previously held 18.296% of shares in Ukrtatnafta, Tatarstan's Property Ministry owned 28.7788%, and Tatneft owned 8.6% directly. But as a result of trial proceedings, the stake of Tatarstan’s shareholders in the oil refining company was almost reduced to zero, and the company acquired new shareholders close to Privat Group.

Earlier, Tatneft filed a suit against Ihor Kolomoisky on the Ukrtatnafta case.

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