Russia was obliged to pay Ukrainian oil company tens of millions of dollars for lost property in Crimea
The International Arbitration Court decided to recover $ 44.4 million of compensation from the Russian Federation in favor of oil and gas company PJSC Ukrnafta for the expropriation of its property in the Autonomous Republic of Crimea illegally annexed by Russia, reads the message on the website of the Ukrainian company.
According to Ukrnafta, the court also ordered the Russian Federation to pay more than $ 3.5 million for arbitration expenses.
PJSC Ukrnafta was able to obtain positive arbitration award under general facilitation of the minority shareholders of PJSC Ukrnafta, which not only assisted in the choice of remedies, but also assisted PJSC Ukrnafta in paying arbitration costs. Moreover, joint consideration of similar cases of PJSC Ukrnafta (case No. 2015-34) and LLC Stabil and others (case No. 2015-35) allowed PJSC Ukrnafta to save arbitration costs.
The company recalled that in April 2014, shortly after the annexation of the Crimea, Russia seized administrative premises and 16 Ukrnafta gas stations.
As numerous appeals to Moscow to regain control of the seized administrative premises and gas stations brought zero result, in June 2015, Ukrnafta took the dispute to the International Arbitration Court.
Earlier, the International Court of Arbitration in The Hague ruled illegal the expropriation by Russia of the assets of the National Joint Stock Company “Naftogaz of Ukraine” in Crimea. Ukrainian state-owned company estimates the amount of compensation at approximately $ 5 billion.