Foreign Minister of Ukraine Pavlo Klimkin is convinced of the inevitability of the consequences for violations of international agreements.

"Concluding international agreements, and then breaking them, one needs to understand the consequences. They are not so quick on their implementation, but inevitable," he wrote on his Facebook page on Thursday.

As reported, on March 23, having consulted the parties, the Permanent Court of Arbitration in the Hague 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.

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 post hearing submissions, the court said in the press release.

The article of the UNCITRAL (United Nations Commission on International Trade Law) Arbitration Rules 1976 which the tribunal referred to says that the arbitral tribunal may inquire of the parties if they have any further proof to offer or witnesses to be heard or submissions to make and, if there are none, it may declare the hearings closed.

According to the rules, the award shall be made in writing and shall be final and binding on the parties. The parties undertake to carry out the award without delay.

The award may be made public only with the consent of both parties. The arbitral tribunal shall state the reasons upon which the award is based, unless the parties have agreed that no reasons are to be given.

According to the rules, within thirty days after the receipt of the award, either party, with notice to the other party, may request that the arbitral tribunal give an interpretation of the award. The interpretation shall be given in writing within forty-five days after the receipt of the request.

In addition, within thirty days after the receipt of the award, either party, with notice to the other party, may request the arbitral tribunal to correct in the award any errors in computation, any clerical or typographical errors, or any errors of similar nature.