Permanent Court of Arbitration in The Hague starts to consider Naftogaz v. Russia case over Crimea assets

561
Ukrinform
The Permanent Court of Arbitration in The Hague has started to consider the statement of claim of NJSC Naftogaz of Ukraine to the Russian Federation over compensation for the assets lost as a result of the annexation of Crimea in 2014.

The case information is posted on the PCA’s site.

Naftogaz refers to the UNCITRAL (United Nations Commission on International Trade Law) Arbitration Rules 1976 and Agreement between the Government of the Russian Federation and the Cabinet of Ministers of Ukraine on the Encouragement and Mutual Protection of Investments, dated 27 November 1998. The statement of claim was registered at the Permanent Court of Arbitration on October 17, 2016. The arbitrators in the proceeding have already been appointed.

The Russian Federation has not appointed any representatives. In a letter to the PCA dated 19 January 2017, the Russian Federation indicated that it “does not recognize the jurisdiction of an international tribunal at the Permanent Court of Arbitration.” 

June 26, the Permanent Court of Arbitration recognized its jurisdiction in a similar dispute initiated by the NJSC Naftogaz of Ukraine and the Stabil Company and began to consider their claims.

October 17, 2016, the NJSC Naftogaz of Ukraine and six its subsidiaries initiated arbitration proceedings against the Russian Federation demanding compensation for the damages.

In February 2016, the NJSC Naftogaz of Ukraine initiated a negotiation process regarding the loss of its assets in Crimea estimated at USD 2.6 billion.

ol

While citing and using any materials on the internet that are open to search systems, hyperlinks to ukrinform.ua not lower than the first paragraph are mandatory. Citing and using materials in ofline-media, mobile apps, SmartTV are allowed only with receipt of a written permission from "ukrinform.ua". Materials marked Advertising are published based on the advertising rights.

© 2015-2017 Ukrinform. All rights reserved.

Website design Studio Laconica
Extended searchHide extended search
By period:
-