Ukraine's Naftogaz files $5 billion lawsuit against Russia for seizing assets in Crimea
Naftogaz has filed a lawsuit against Russia, demanding $5 billion of reimbursement for the loss of assets in annexed Crimea. The statement has been received by the tribunal at the Permanent Court of Arbitration in the Hague, Naftogaz’s press service reports.
Alongside Naftogaz, six subsidiary companies took part in initiating the litigation: Chornomorneftegaz, Ukrtransgaz, Likvo, Ukrgazdobycha, Ukrtransnafta and Gaz Ukrayiny.
According to the company, a court ruling is expected by the end of 2018.
The press service notes that in October 2016, Naftogaz and its subsidiaries initiated these arbitration proceedings in accordance with the agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on the promotion and mutual protection of investments, better known as the Russian-Ukrainian bilateral investment agreement.
In order to protect the group’s rights and interests in this process, Naftogaz has solicited the help of the international law firm Covington & Burling LLP, which represented the interests of Yukos investors in a dispute with Russia, and acquired a court ruling for $60 billion in compensation.