Business news:court in the Hague began to consider the claim of “Naftogaz” against Russia for the seizure of assets in Crimea

International court of arbitration in the Hague began its consideration of arbitration of the statement of Naftogaz to Russia’s compensation for the assets lost due to the annexation of the Crimean Peninsula in 2014. This writes the profile edition OilNews with reference to the data of the arbitration.

Naftogaz, like other Ukrainian companies, refers to the regulations of the UNCITRAL (United Nations Commission on International Trade Law, UN Commission on international trade law) and the agreement between the governments of Ukraine and Russia of November 27, 1998 on protection of investments. The arbitration application was registered by the court on 17 October 2016 international arbitration is already in the process of appointing arbitrators .

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

We will remind, on June 26, the Hague Tribunal recognized its jurisdiction in the same dispute initiated by PJSC “Ukrnafta” and “Stable” and began consideration of their claims.

17 Oct 2016 Naftogaz and six of its subsidiaries has initiated arbitration proceedings against the Russian Federation with the requirement to pay damages. According to the NAC, we are talking about the property itself Naftogaz, PJSC “Chernomorneftegaz”, PJSC “Ukrtransgaz”, PJSC “Ukrgazvydobuvannya”, PJSC “Ukrtransnafta”, DK “Gas of Ukraine” and “of likvo”.

In February 2016 Naftogaz has initiated the negotiation process regarding the loss of their assets in Crimea. The company previously estimated the damage at $ 2.6 billion.