14:54 18.05.2018

Tribunal in The Hague holds hearing of Naftogaz Group's lawsuit over assets seized by Russia in Crimea

2 min read
Tribunal in The Hague holds hearing of Naftogaz Group's lawsuit over assets seized by Russia in Crimea

The tribunal of the Permanent Court of Arbitration in The Hague on May 17 finished oral hearings in the case under a lawsuit of seven companies of the Naftogaz Group against the Russian Federation over the seizure of the group's assets in Crimea, the press service of Naftogaz Ukrainy has reported.

"On May 14-17, the tribunal of the Permanent Court of Arbitration in The Hague held hearings on the jurisdiction of the tribunal and liability for breach of the agreement. The issue of damages will be heard by the tribunal at the second stage of the case, after awards on jurisdiction and liability. It is expected that the Tribunal will issue the first award in the case in the first quarter of 2019," Naftogaz said.

As reported, on February 15, 2016, the Russian Federation received an official written notification from Naftogaz Ukrainy, Chornomornaftogaz, Ukrtransgaz, subsidiary Likvo, Ukrgazvydobuvannia, Ukrtransnafta and Gaz Ukrainy subsidiary about the investment dispute regarding the bilateral agreement on mutual protection of investment signed by Ukraine and Russia.

The arbitration hearings were started on October 17, 2016.

Today the damage claimed by Naftogaz in the lawsuit against the Russian Federation over the seizure of assets in Crimea reaches $8 billion.

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