Ukraine’s national joint stock company Naftogaz and six of its affiliated companies started the arbitration procedure against Russia. The Ukrainian side accuses Russia of illegally capturing Ukrainian gas assets in Crimea during the occupation of the peninsula in spring 2014. Interfax Ukraine agency reported this with reference to Naftogaz’s press service.
Naftogaz assessed the total sum of losses as of USD 2.6 billion. The company demands that Russia makes up the losses that Ukraine suffered after the illegal capture of gas assets. That also breached the Ukraine-Russia intergovernmental agreement, under which the countries were obliged to mutually support and protect each other’s investments.
‘After the illegal invasion in Crimea and the peninsula’s occupation in 2014, the Russian Federation stripped Ukrainian companies of their assets without compensating the losses. At the time, Naftogaz had several valuable assets in Crimea. Russia rudely violated the bilateral agreement on investment protection; it demands that the Russian Federation protects and respects the Ukrainian assets, including these based in Crimea’, the company said.