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“Naftogaz” is preparing an updated claims to Russian assets in Crimea

«Нафтогаз» готовит обновленные иски к России по активам в Крыму

“Naftogaz of Ukraine” plans to bring the updated claims to Russia on the Crimean assets which the company believes is orphaned after the annexation of Crimea to Russia in 2014.

“We serve now updated claims against Russia (in the international Tribunal at the Permanent court of Arbitration in the Hague) for the loss of the ability to use our property in the Crimea”, — TASS quoted the Executive Director of “Naftogaz” Yuriy Vitrenko, who gave an interview

According to him, the claim amount with interest in excess of $7 billion, and the Tribunal’s decision is expected “in late 2020 or 2021”.

As pointed out previously, the company, she owned “a valuable energy assets in Crimea” and, according to her statement, was “one of the main targets of the Russian Federation, when she seized Ukrainian assets” after the annexation of Crimea in March 2014 following a referendum. But Ukraine is disputing the results of the voting, counting part of its territory.

We also recall that in mid-September, 2019 Oschadbank, the Ukrainian Executive has received documents that allow him to begin the process of recovery from Russia’s losses in the amount of $1.3 billion due to the loss of assets in Crimea. As noted then in financial organisation, November 26, 2018 international arbitration has decided to collect from the Russian Federation in favor of the Bank the above sum. Later, on 17 July 2019, the Kiev appellate court ruled in favor of the Bank permitted to begin the foreclosure process.

Earlier, on 28 August 2019, Ukrenergo, the operator of the United energy system of Ukraine, informed the Russian Federation on the transfer to the court of arbitration of the claims in the dispute over the lost of the company’s assets in the Crimea, where in 2014 the Peninsula was annexed to Russia. As specified in the company, she has demanded from Russia to compensate for the alleged resulting breach of the agreement between the Cabinet of Ministers of Ukraine and the government of the Russian Federation on encouragement and mutual protection of investments of 1998. In addition, the requirements include compensation for damages from the “illegal expropriation” of investments “Ukrenergo” in the Crimea and violations of the obligation to guarantee the full and unconditional legal protection.

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