Naftogaz submits updated assessment of compensation for assets expropriated by Russia in Crimea
The Naftogaz Group in the Permanent Court of Arbitration (the Hague) proceedings against the Russian Federation has submitted the updated assessment of compensation for its assets (Reply Memorial on Quantum) that the Russian Federation unlawfully expropriated in Crimea," the press service of Naftogaz reported on Monday.
"Naftogaz further substantiates its claim for compensation for its assets that the Russian Federation unlawfully expropriated in Crimea in March 2014 – damages valued at approximately $8 billion, including interest," Naftogaz said.
The press service said that a hearing on the size of compensation is scheduled for May 2020 in The Hague. The final award on the quantum is expected by the middle of 2021.
The company recalled that despite Russia's appearance in the arbitration in January 2017, it refused to actively participate in the proceedings for nearly three years.
"Thereafter, Russia submitted its Counter-Memorial in December 2019, but did not put forward any alternative measure of damages. Instead, Russia argued that it owes Naftogaz nothing despite that Russia does not dispute that it unlawfully expropriated Naftogaz's assets," the Ukrainian company said.