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Ukraine appeals International Court's decision to refund $11.7 million to JKX Oil&Gas
19:22, 21 March 2017
Ukraine appeals International Court's decision to refund $11.7 million to JKX Oil&Gas

Earlier the International Court of Justice in The Hague bind Ukraine to compensate $12 million loss to the British JKX Oil&Gas due to Ukraine’s violation of the investment protection bilateral agreements

19:22, 21 March 2017

Open source

Ukrainian Ministry of Justice appealed to the High Court of the United Kingdom against JKX as a defendant seeking to set aside the recent Uncitral arbitration award against Ukraine and in favour of JKX. This is stated in the message  on the official JKX Oil&Gas website.

It is also noted that the basis for this application is that the arbitral tribunal allegedly committed 'serious irregularity' in conducting the arbitral proceedings.

Related: Hague court can "toughen measures" against Russia in case of non-fulfillment of its judicial decision, - Zerkal

Earlier the International Court of Justice in The Hague bind Ukraine to compensate $12 million loss to the British JKX Oil&Gas. The later initiated arbitration against Ukraine in accordance to the Energy Charter Treaty and investment protection bilateral agreements between Ukraine and Great Britain and Netherlands, seeking compensation of 180 million dollars.

 

Related: Hague court: Russia must protect Ukrainian investors in Crimea after annexation

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