A delay with the recognition by Ukrainian courts of a judgment passed by the Stockholm arbitration court in favor of Ostchem Group to levy over $300 million against Odesa Port-Side Chemical Plant (OPZ) is a violation of the New York Convention and other Ukraine's international agreements, Group DF has said.

"Ukraine is a party to the New York Convention. This means that our government gave its consent to recognize and fulfill in its territory rulings of foreign arbitration courts. The ruling of the Arbitration Institute of the Stockholm Chamber of Commerce to levy over $300 million against the OPZ in favor of Ostchem is final and not subject to revision. On March 13, 2018 the Supreme Court of Sweden overruled an appeal from the OPZ on the case. There is no defense for the situation with our case," the press service of Group DF quoted Director for Compliance at Group DF Ihor Holchenko as saying.

Group DF stressed that the recognition and fulfillment of the Stockholm arbitration court's judgment by a Ukrainian court is a formal procedure as long as the decision has been made and cannot be challenged.

As reported, the Supreme Court of Ukraine overturned a ruling by a court in the town of Yuzhny (Odesa region), which gave Ostchem Holding Limited the right to forcibly recover UAH 5.2 billion in outstanding principal debt and UAH 1.57 billion in accrued fines from Odesa Port-Side Chemical Plant (OPZ) in Ukraine under a ruling of the Stockholm arbitration court, and the case was sent for a new trial to a court of lower jurisdiction.