"An oral hearing ended in The Hague on May 17 in a lawsuit filed by seven companies of the Naftogaz group against the Russian Federation for breaching its obligations under a bilateral agreement on the promotion and mutual protection of investments," the statement reads.
As it became known, during May 14-17, the Tribunal of the Permanent Court of Arbitration in The Hague held a hearing on the jurisdiction of the Tribunal and liability for breach of the agreement.
The issue of damages will be considered and resolved by the Tribunal at the second stage of the case after the decision on jurisdiction and liability.
It is expected that the Tribunal will make its first judgment in the first quarter of 2019.
As reported, on September 15, 2017, NJSC Naftogaz of Ukraine and six companies belonging to the Naftogaz Group filed a lawsuit with the Tribunal to recover damages caused by the illegal expropriation by the Russian Federation of the group's assets in the Autonomous Republic of Crimea.
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