Having consulted the parties, the Permanent Court of Arbitration in the Hague on March 23, 2018 declared the hearings in the arbitration started under a lawsuit of Everest Estate LLC (Kyiv), former Board Chairman of PrivatBank Oleksandr Dubilet and 17 other companies against the Russian Federation closed.

"On 2 May 2018, having deliberated, the Tribunal issued its unanimous Award on the Merits, addressing issues pertaining to liability and damages," the court said in a press release issued on May 9.

Other details of the award are not disclosed.

"The first robin)" Naftogaz Ukrainy wrote on its Twitter page, commenting on the award. Naftogaz Ukrainy also filed a similar lawsuit against the Russian Federation to the Permanent Court of Arbitration in the Hague commenced 16 months later than the Everest Estate matter.

The court recalled that after the hearing on the merits in this matter was held October from 5 to 6, 2017, the tribunal invited the parties to file post-hearing submissions by December 11, 2017.

On November 11, 2017, the Tribunal posed supplementary questions on valuation to the parties, inviting them to respond in their post-hearing submissions. The claimants filed their post-hearing brief, together with an additional valuation report, on 11 December 2017. The Russian Federation did not file any posthearing submissions, the court said in the press release.