Contents tagged with Ukrnafta

  • Swiss Court orders Russia to pay Ukrainian companies $80 million for lost Crimean assets

    The Swiss Federal court upheld a decision by the Geneva International Court of Arbitration that required Russia to pay more than $80 million to 12 Ukrainian companies as compensation for the damage caused to them as a result of the annexation of Crimea, reports Swiss Info.

    Thus, the Swiss Federal Court rejected the appeals of the Russian authorities in connection with the decision taken by the International Court of Arbitration in Geneva last April.

    In one of the appeals, the Russian …

  • Swiss Federal Supreme Court rejects Russia's appeal to cancel arbitration court ruling on Ukraine’s Crimean assets

    Swiss Federal Supreme Court rejected Russia's appeal to cancel the decision of the International Court of Arbitration in favor of Ukrnafta, reports the press service of the Ukrainian company.

    On April 12, 2019, the International Court of Arbitration ordered that Russia must pay Ukrnafta more than $44 million as compensation for the expropriation of Ukrnafta's assets in the Crimea.

    In May, Russia appealed to Swiss Federal Supreme Court requesting to overturn the decision of the international …

  • Russia appeals arbitration court’s Crimean assets ruling in favor of Ukraine

    Russia has appealed the International Court of Arbitration’s ruling in favor of the Ukrainian companies Ukrnafta, Stabil, and others, concerning Crimean assets, the Russian Justice Ministry reported.

    The appeal was submitted on 27 May to the Swiss Federal Tribunal.

    “Firstly, the arbitrators ruled in favor of the plaintiffs without having established that the Crimean peninsula is Russia’s sovereign territory. Nevertheless, the tribunal concluded that Russia is responsible according to the …

  • Russia to dispute arbitration court verdict on Ukrnafta lawsuit

    Russia has not yet received the International Court of Arbitration’s ruling on the Ukrnafta lawsuit through the official diplomatic channels, but it plans to dispute the ruling at the Federal Supreme Court of Switzerland, RBC reported citing the Russian Justice Ministry.

    “The Russian Federation plans to dispute the current decision and to use all the available legal protection mechanisms provided by international law and Swiss legislation,” the ministry said in a statement.

    On 12 April, the …

  • International arbitration rules to recover $50 million from Russia for the expropriation of Ukrnafta assets in Crimea

    The UN arbitration court ordered Russia to pay US 44.4 million dollars to the Ukrainian oil company Ukrnafta for the expropriation of property in Crimea, reported Ukrnafta’s press service in a statement published on the company’s website.

    The focus of the dispute was administrative offices and 16 gas stations that were seized by Russia after the annexation off the Crimea.

    On June 3, 2015, PJSC Ukrnafta referred the dispute to an ad hoc arbitration tribunal using the Arbitration Rules of the …

  • Media: Ukrainian oil and gas companies avoid developing new deposits because of improper taxation

    By 2018, two thirds of resourced subsoil area had received the necessary permits for geological survey and the companies holding those permits have had them for more than five years. 7,600 square kilometers of prime subsoil remain untapped because initial investment in permanent production would require added taxes,wrote Ihor Maskalevich it in his article for ZN.UA. According to him, it would be better for companies to produce oil and gas long term "as part of scientific study." It is a …

  • Kolomoyskyi’s claims against Ukraine in the Ukrnafta case reach $5.4 billion

    The claims of Ukrnafta's minority shareholders controlled by Ihor Kolomoyskyi against Ukraine increased to $5.4 billion, according to Interfax-Ukraine with reference to the data of the Ministry of Justice published in Prozorro.

    In September 2017, in the prospectus of Eurobonds of Ukraine, it was stated that claims of minority shareholders in accordance with the suit filed with the Arbitration Institute of the Stockholm Chamber of Commerce against Ukraine amounted to $4.7 billion. The …

  • The Hague Court of Arbitration will consider Ukrnafta’s claim against Russia

    The Permanent Court of Arbitration at The Hague accepted the claim of the Ukrnafta Oil Company against the Russian Federation in cases of loss of the network of gas stations in the occupied Crimea, the court stated.

    According to the court’s statement, a claim of another Ukrainian oil company Stabil is being considered in parallel with Ukrnafta’s claim. Both cases were initiated by the plaintiffs on June 3, 2015.

    The companies based their claims on Russia’s violation of the terms of the …

  • The Prosecutor General's Office conducts searches of Ukraine's largest oil company

    On April 5, the Office of the Prosecutor General of Ukraine (GPU), together with the Security Service (SBU), began searches of the PJSC (public joint stock company) Ukrnafta. 50% + 1 share of Ukrnafta belongs to Naftogaz of Ukraine (NAK), and 42% of shares are held by Ihor Kolomoyskyi and Gennadiy Bogolyubov, who are former shareholders of PrivatBank [the largest bank in Ukraine, which was nationalized at the end of 2016].

    The press service of Ukrnafta said that searches are being conducted in …

  • Ukrainian Gas Company Files Lawsuit against Russia

    Ukrnafta has filed a lawsuit against Russia with the Permanent Court of Arbitration (PCA) in The Hague, the Netherlands. The details of the lawsuit aren’t known. It was noted on the PCA website that the proceeding was initiated in accordance with an Investment Promotion and Protection Agreement, signed by the Russian Federation and Ukraine in 1998.

    Moreover, according to the PCA database, eleven more Ukrainian companies (Stabil, Rubenor, Rustel, Kirovohrad-Nafta, Krym-Petrol, Pirsan, Trade- …