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Naftogaz suits Russia in Hague court to get $5 billion due to assets loss in Crimea
12:53, 20 September 2017
Naftogaz suits Russia in Hague court to get $5 billion due to assets loss in Crimea

The claim was filed by Naftogaz and six subsidiaries

12:53, 20 September 2017

ubr.ua

National oil and gas company Naftogaz Ukraine filed a suit to the tribunal formed in the Permanent Court of Arbitration in Hague with the requirement that Russia reimburses 5 billion dollars loss due to the seizure of assets in Crimea. This was reported by the Naftogaz press service.

"The losses of Naftogaz due to the occupation of Crimea are currently estimated by experts in the amount of about 5 billion dollars. The court decision on the case is expected by the end of 2018," the report said.

It is reported that in October 2016 Naftogaz and companies of the group initiated this arbitration in accordance with the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on the promotion and mutual protection of investment, better known as the Russian-Ukrainian bilateral investment agreement.

Related: Siemens to not produce gas equipment for Ukraine, - Naftogaz head

"To ensure protection of the rights and interests of the group in this trial, Naftogaz has attracted international law firm Covington & Burling LLP, which has a significant positive experience in protecting the interests of clients in proceedings against the Russian Federation and Russian state-owned companies, " the company added.

As it was reported earlier Naftogaz intended to add $5 billion to the Stockholm court suit against Gazprom. Yuriy Vitrenko, commercial director of Naftogaz informed about additional claims.

Since 2014 two cases are handled in Stockholm. Ukraine demands $50 billion in total. Both of the cases are on the contract on gas delivery, which was signed in January 2009 after the negotiations of at the time Ukraine’s Prime Minister Yulia Tymoshenko and her counterpart Vladimir Putin.

Related: Naftogaz, Gazprom, don’t agree on gas prices, Stockholm to decide

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