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Economy 2019-05-15T05:16:07+03:00
Ukrainian news
Naftogaz Lodges Lawsuit At Permanent Court of Arbitration In The Hague Against Russia To Compensate USD 5 Bill

Naftogaz Lodges Lawsuit At Permanent Court of Arbitration In The Hague Against Russia To Compensate USD 5 Billion For Lost Crimean Assets

The Naftogaz of Ukraine national joint stock company has lodged a lawsuit at a tribunal of the Permanent Court of Arbitration in The Hague against Russia to compensate USD 5 billion for seizure of the company's assets in the Crimea.

Naftogaz announced this in a statement, Ukrainian News Agency reports.

The statement reads that the lawsuit was lodged by Naftogaz of Ukraine and six of its subsidiaries Chornomornaftohaz, Ukrtransgaz, Likvo, UkrGasVydobuvannya, Ukrtransnafta, and Gas of Ukraine.

According to the statement, experts estimate the value of the lost assets in the Crimea at close to USD 5 billion.

A decision on the lawsuit is expected late in 2018.

The statement reads that Naftogaz has hired Covington & Burling LLP for the litigation.

As Ukrainian News Agency earlier reported, Naftogaz of Ukraine and six of its subsidiaries (Chornomornaftohaz, Ukrtransgaz, Likvo, UkrGasVydobuvannya, Ukrtransnafta, and Gas of Ukraine) initiated arbitration proceedings against Russia in October 2016, demanding compensation for illegal seizure of their assets in the Crimea, the value of which Naftogaz of Ukraine preliminarily estimated at USD 2.6 billion.

In January 2017, Naftogaz of Ukraine extended until 2018 the contract under which the Covington & Burling LLP law firm (United States) represents the company in disputes with Russia over compensation for the assets it lost as a result of the annexation of the Crimea.

Больше новостей о: Crimea court Naftogaz of Ukraine Hague

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