17:43 27.05.2021

Energoatom starts trial process against Russia regarding compensation for assets lost in Crimea

2 min read
Energoatom starts trial process against Russia regarding compensation for assets lost in Crimea

In May of this year, the state-run National Nuclear Generating Company Energoatom sent a message to the competent authorities of the Russian Federation about a dispute regarding compensation for assets lost by the company in Crimea, in particular the Donuzlav wind farm, the company said on its website on Thursday.

"Energoatom will certainly resolve this dispute out of court or in court. The national energy generating company should receive compensation for assets that have not been working for the economy and energy development of the Ukrainian state for the eighth year in a row," Petro Kotin, acting president of Energoatom, is quoted as saying.

Energoatom sent a corresponding message to the Russian Federation in accordance with Part 1 of Article 9 of the agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation No. 1302 dated 1999 on the encouragement and mutual protection of investments. After receiving the message by the Russian side, according to the procedure, the parties have six months to resolve the disputed issue out of court. If the parties do not come to an agreement, this dispute can be referred to a court (arbitration), the company explained.

On December 17, 2020, the state-run National Nuclear Generating Company Energoatom and the international law firm Shearman & Sterling LLP entered into an agreement on the provision of services for the preparation and submission of a dispute notice on behalf of the company to the Russian Federation.

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