Naftogaz files $5.2 bln lawsuit against Russia over assets in Crimea

Naftogaz files $5.2 bln lawsuit against Russia over assets in Crimea

Ukrinform
The Naftogaz group filed a lawsuit with the Tribunal at the Permanent Court of Arbitration in The Hague with a request to oblige the Russian Federation to pay $5.2 billion in compensation for losses inflicted following the seizure of the group’s assets in Crimea.

“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.

ol


Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website ukrinform.net not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website ukrinform.net and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2019 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period:
-