15:12 30.10.2017

High Court of England dismisses Ukraine's counterclaim against payment of some $12 mln to JKX

1 min read
High Court of England dismisses Ukraine's counterclaim against payment of some $12 mln to JKX

The High Court of Justice of England and Wales has ordered that the application brought by Ukraine seeking to set aside the recent arbitration award against Ukraine and in favour of JKX Oil & Gas Plc be dismissed. The award grants payment of around $12 million to JKX.

JKX said in a report on the website of the London Stock Exchange (LSE), the company hopes that it can now reach an amicable resolution of the other outstanding legal claims between JKX and Ukraine.

As reported, the London Court of International Arbitration in the dispute of JKX Oil & Gas Plc against Ukraine rejected the company's main demands and recognized as legal the increase in oil and gas royalties in 2014, but ruled to compensate around $12 million of losses to JKX.

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