“At the end of June, NJSC Naftogaz of Ukraine and the enterprises of the Naftogaz group filed a lawsuit with the Tribunal at the Permanent Court of Arbitration in The Hague on the amount of compensation for losses inflicted following the expropriation of the group's assets in Crimea. The Naftogaz group asks the Tribunal to oblige the Russian Federation to pay $5.2 billion to the plaintiffs,” the press service of Naftogaz reports.
The Tribunal is expected to deliver judgment on compensation for damages no earlier than late 2020.
As reported, the Tribunal already recognized that the Russian Federation had violated a number of provisions of the investment protection agreement by expropriating the assets of the Naftogaz group in Crimea.
Naftogaz initiated arbitration proceedings against the Russian Federation in October 2016 on the basis of the agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on the promotion and mutual protection of investment. The oral hearings on jurisdiction and liability were held at the Peace Palace in The Hague in May 2018.
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