11:51 20.10.2016

Russia has 30 days to appoint its arbitrator in Crimean assets litigation with Naftogaz - source

1 min read
Russia has 30 days to appoint its arbitrator in Crimean assets litigation with Naftogaz - source

Russia has 30 days to appoint its arbitrator in a lawsuit with national joint-stock company Naftogaz Ukrainy that demands to refund $2.6 billion losses caused by the unlawful seizure of the group's assets after the annexation of Crimea, a source in the government has told Interfax-Ukraine.

The source said that initially the tribunal is created. Naftogaz appointed its arbitrator.

"If Russia does not appoint an arbitrator, Naftogaz could apply to the Permanent Court of Arbitration in the Hague asking to select who will appoint the arbitrator from Russia. Then the two arbitrators will select the third one who will head the tribunal. The procedure could last until the end of 2016," the source said.

Then the documents will be filed and hearings will start.

"Such hearings last for several years. In this case the forecast is around three years," the source said, adding that earlier Russia refused to take part in arbitration on Crimean assets with Oschadbank, public joint-stock company Ukrnafta and Privat Group.

The arbitration is regulated to meet UNCITRAL regulations passed in 1976.

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