Naftogaz of Ukraine demands from Russia of 5 billion dollars

The company is suing for lost assets in Crimea.

“Naftogaz of Ukraine” was submitted to the Tribunal, formed under the Permanent Court of Arbitration in the Hague, the claim with the requirement to Russia to compensate $ 5 billion of losses in connection with the seizure of assets in Crimea.

It is stated in the statement of “Naftogaz”.

In October 2016, “Naftogaz” and the six companies within its group (“Chornomornaftogaz”. “Ukrtransgaz”, “of likvo”, “Ukrgasdobycha”, “Ukrtransnafta” and “Gas of Ukraine”) initiated arbitration in accordance with the agreement between the Cabinet of Ministers of Ukraine and the government of Russia on encouragement and mutual protection of investments, or the Russian-Ukrainian bilateral investment agreement.

“To protect the rights and interests of the group in this process, “Naftogaz” has attracted international law firm Covington & Burling LLP, has considerable positive experience of representation of clients in proceedings against Russia and Russian state-owned companies. In particular, the company represented the interests of the investors of the YUKOS oil company in a dispute against Russia and won a court decision on compensation for 60 billion dollars”, – stated in the message.

It is expected that a decision on the case, the court will issue before the end of 2018.

The company reminds that in connection with the occupation of Crimea by Russia, Ukrainian companies have already filed semt actions for the protection of investment against Russia, in particular PJSC “Ukrnafta”, JSC “Oschadbank”, Igor Kolomoisky and “the Airport “Belbek”, PrivatBank, LLC “Luksor”, “Stable”, “Everest”.

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