Economy 2024-07-15T04:41:33+03:00
Ukrainian news
Arbitration court in The Hague collects USD 267 million from russia in favor of DTEK in compensation for asset

Arbitration court in The Hague collects USD 267 million from russia in favor of DTEK in compensation for assets seized in Crimea

Russia, DTEK, The Hague, annexed Crimea, international arbitration

The International Court of Arbitration in The Hague collected from the aggressor country of russia USD 267 million in compensation in favor of the DTEK company for the assets seized in the annexed Crimea.

This is stated in the company's message, Ukrainian News Agency reports.

"The International Court of Arbitration in The Hague fully satisfied the claim of the DTEK company against the aggressor country of the russian federation for seized assets in the illegally annexed Crimea. The arbitration awarded russia to pay the Ukrainian company compensation for damages in the amount of USD 267 million, which includes interest and court costs as of the date of the decision. Accrual interest will continue until the moment of full payment of the entire amount of damages," the message states.

According to the report, the legal process in the lawsuit of DTEK Krymenergo against the russian federation has been ongoing since 2017.

"The arbitration award is subject to enforcement in accordance with the New York Convention of 1958. DTEK plans to immediately initiate the process of recognition and admission to the execution of the award on the territory of those states where russian assets are located. Before the illegal annexation of Crimea, DTEK owned the energy distribution and energy supply company DTEK Krymenergo. The occupying power took control of the company's assets from the rightful owner after the occupation of Crimea by russia in 2014," the message states.

As Ukrainian News Agency earlier reported, in April 2017, DTEK began the procedure for resolving an investment dispute with russia regarding the company's assets, control over which was lost as a result of the annexation of the Crimean Peninsula.

DTEK manages the energy assets of System Capital Management.

100% of SCM shares belong to businessman Rinat Akhmetov.

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