KYIV (QHA) -

Such information appeared on the website of the arbitral tribunal.

The "Ukrnafta" (a Ukrainian oil and natural gas extracting company) press center has confirmed "initiating the  arbitration proceedings against the Russian Federation at the Permanent Arbitration Court in Hague":

- This arbitration proceeding has been initiated June 15, 2015 with a view to obtain compensation for the illegal seizure of petrol stations on the territory of the Crimean Peninsula, occupied and annexed by the Russian Federation in 2014. The reason for the suit has been a bilateral investment protection agreement between Ukraine and the Russian Federation in 1998, according to which each party is obliged not to expropriate or nationalize the investments made by the other partner without a prompt and fair compensation payment. However, despite the formal requirement of the PJSC "Ukrnafta", Russia refused to pay compensation for the seizure of petrol stations and other property companies in Crimea and the city of Sevastopol.

Similar claims against Russia have been sent to the international arbitration by a number of Ukrainian companies: Privatbank, Kirovograd-Nafta, Crimea Petrol, Pierce, Trade, Trust, Eleftheria, CCF SATECO, Rustel, Rubenor, Stemv Group, Novel-Estate, Stabil.

Each of the companies relies on the regulations of the UNCITRAL (United Nations Commission on International Trade Law) and the Russia-Ukraine agreement on the investment protection as of November, 27 1998.

PHOTO: Internet

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