15:19 31.07.2019

Naftogaz estimates damages from lost assets in Crimea at $5.2 bln

1 min read
Naftogaz estimates damages from lost assets in Crimea at $5.2 bln

NJSC Naftogaz Ukrainy says it estimates the damage done to its business from the loss of assets in Crimea at $5.2 billion.

The company said it submitted a suit on the amount of compensation it is entitled to a tribunal under the Permanent Court of Arbitration in The Hague at the end of June.

A decision on compensation is expected no earlier than the end of 2020.

The company said that the tribunal has determined that Russia violated a number of provisions of the sides' agreement on mutual protection of investments. The tribunal has decided to divide the proceedings into two stages, and the amount of compensation will be considered during the second.

On February 15, 2016, Russia received an official written notification from Naftogaz Ukrainy, Chornomornaftogaz, Ukrtransgaz, Likvo, Ukrgazvydobuvannia, Ukrtransnafta, and Gaz Ukrainy subsidiary about the investment dispute regarding the bilateral agreement on the mutual protection of investments.

Hearings began on October 17, 2016. Oral hearings on issues of jurisdiction and liability took place in May 2018.

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