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News // Incidental

Ukraine’s Naftogaz files lawsuit over $5 bln for the assets lost in Crimea

20 September 2017 , 16:06Neftegaz.RU285

Naftogaz has filed a lawsuit to The Hague seeking to recover $5 billion from Russia due to losses of assets in Crimea, the company reported on September 20, 2017.

 

Ukrainian companies allege that in April 2014 Russia breached its obligations under the treaty by «interfering with and ultimately expropriating their investments in petrol stations located in Crimea.»

 

«Naftogaz of Ukraine and 6 companies belonging to the Naftogaz group - Chornomornaftogaz, Ukrtransgaz, Likvo, Ukrgazvydobuvannia, Ukrtransnafta and Gaz Ukrainy - have filed a lawsuit at a tribunal formed at the Permanent Court of Arbitration in The Hague seeking to compensate for losses caused by Russia's illegal seizure of the group's assets in Crimea,» reads the statement of the company..

 

Naftogaz attracted Covington & Burling, an international law firm, to protect the rights and interests of the group in this process.

The firm earlier defended the interests of investors of the Yukos oil company in the dispute against Russia.

 

According to the company´s statement the losses of the Naftogaz group are currently estimated by experts to be worth about $5 billion.

The court is expected to pronounce judgement in this case by late 2018.

 

To read the news in Russian.

 

 

 

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