The court of Switzerland confirmed the validity of appeals addressed to international arbitration to protect its assets in Crimea.
PJSC Ukrnafta said that the Supreme Court of Switzerland ruled in her favor. In particular, the court confirmed the legality of the appeal of the company in the international arbitration court to protect its assets in the annexed Crimea, said on Wednesday, October 24, the press-service of joint-stock companies.
“The Supreme Court of Switzerland confirmed its decision the legality of the international court of arbitration to adjudicate on a claim addressed against Russia. Accordingly, the arbitration proceedings will continue in the near future it is expected a final decision on the merits”, – stated in the message.
At Ukrnafta expect that this decision will confirm his right to compensation $ 50 million. USA “for the expropriation of property”.
In PAO is convinced that the decision of the Supreme Court of Switzerland also may affect the decision of other courts in similar cases, Ukrainian companies.
We will remind, in the Crimea after the annexation in 2014 Ukrnafta deprived of the rights of ownership of the 16 petrol stations. The company, based on the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on encouragement and mutual protection of investments, 1998, filed a complaint with the international court of arbitration.
In turn, the international court of arbitration has identified Switzerland as place of arbitration. However, Russia has not recognized the competence of the international court of arbitration, and appealed the decision of the international court of arbitration, which he recognized the existence of jurisdiction in the Supreme Court of Switzerland.
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