18:26 03.11.2017

Recovery of $12 mln from Ukraine in favor of JKX due to NBU decision on capital withdrawal

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Recovery of $12 mln from Ukraine in favor of JKX due to NBU decision on capital withdrawal

The decision of the London arbitration to recover $12 million from Ukraine in favor of JKX Oil & Gas Plc is connected with the decision of the National Bank of Ukraine (NBU) on capital withdrawal and that of the Cabinet of Ministers on gas purchases by industrial consumers, Ukraine's Ministry of Justice has reported.

"Some $12 million that Ukraine must pay relate to the investment arbitration's recognizing the NBU decision on withdrawal of foreign exchange funds abroad and the government resolution on the procedure of natural gas purchases by industrial, energy generating and heat generating (in terms of industrial gas volumes) enterprises inappropriate," the report says.

As reported, previously the High Court of Justice of England and Wales rejected Ukraine's appeal against the decision of London arbitration, which obliged the country to pay about $12 million to JKX Oil & Gas Plc oil and gas company.

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