THE HAGUE (QHA) -

The International Arbitration Court in the Hague began consideration of the arbitration statement of the Ukrainian State Oil and Gas company Naftogaz to the Russian Federation over compensation for assets lost as a result of the annexation of the Crimea in 2014, according to the report on the court's website

Naftogaz, like other Ukrainian companies, refers to the UNCITRAL (United Nations Commission on International Trade Law) and the agreement between the governments of Ukraine and Russia of November 27, 1998 on the protection of investments. The arbitration statement was registered by the court on October 17, 2016. International arbitration has already formed a panel of arbitrators.

The Russian Federation, in a letter of January 19, 2017, indicated that it did not recognize the jurisdiction of the International Arbitration for the settlement of Naftogaz claims and did not appoint its representatives to the arbitration process.

Earlier, on June 26, the Hague Arbitration recognized its jurisdiction in a similar dispute initiated by PJSC "Ukrnafta" and the company "Stabil" and began consideration of their claims.

On October 17, 2016, Naftogaz and six of its subsidiaries initiated arbitration proceedings against the Russian Federation demanding compensation for damages. According to the company, it is about the property of Naftogaz itself, PJSC Chernomorneftegaz, PJSC Ukrtransgaz, PJSC Ukrgazdobycha, PJSC Ukrtransnafta, DK Gaz Ukrainy and Likvo.

In February 2016, Naftogaz initiated a negotiation process regarding the loss of its assets in the Crimea. The company preliminary estimated the damage of $ 2.6 billion.

In late May, Naftogaz announced a complete victory over Gazprom in the proceedings at the Stockholm Arbitration Court.

PHOTO: Internet

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