The International Court of Arbitration (the Hague, the Netherlands) on March 18-28, 2013 will hold hearings on a claim by Russia's Tatneft against Ukraine as a part of a dispute around joint-stock company Ukrtatnafta (Kremenchuk oil refinery, Poltava region), reads an offering memorandum on the issue of eurobonds by Ukraine.

According to the document, on December 16, 2012, Ukraine sent its response to Tatneft in the case.

In early 2012, Justice Minister of Ukraine Oleksandr Lavrynovych said that Tatneft halved its claim to $1.2 billion. The offering memorandum on the issue of eurobonds by Ukraine points to the previous sum - $2.4 billion.

As reported, Ukrtatnafta is a disputable asset for Ukraine and Tatarstan. Ukrtatnafta was founded on orders from the presidents of Ukraine and Tatarstan in 1994 on the basis of the Kremenchug Oil Refinery in Poltava Region. Companies close to Tatneft previously held 18.296% of shares in Ukrtatnafta, Tatarstan's Property Ministry owned 28.7788%, and Tatneft owned 8.6% directly. Following litigation, the stake of the Tatar shareholders was reduced to virtually zero, and the refiner acquired new shareholders close to the Privat group.

Tatneft filed a $520 million lawsuit against Ukraine in international arbitration court in 2007. The claim was later increased to $2.4 billion.