Five Ukrainian companies, DneprAzot, Ukrinterinvest, Lugzor, Lisbet and Aberon Ltd., filed a lawsuit against Russia with the International Court of Arbitration in The Hague, as published on the Court’s website on the 24th of February. According to Ukrainian media, all companies are part of the Privat group, owned by the oligarch, Ihor Kolomoyskyi.
According to Interfax, a bilateral agreement between Ukraine and Russia regarding the protection of investments, signed in 1998, is the basis for the lawsuit. The agreement stipulates that each party is obligated to not nationalize and appropriate the investments of investors from the other party without timely payment of fair compensation.
The specific claims and purpose of the Ukrainian companies’ suit was not indicated. Russia does not recognize the jurisdiction of the Court of Arbitration and has refused to participate in court hearings.
In January, the International Court of Arbitration in The Hague reported that proceedings had begun for several lawsuits against Russia, including those filed by the Ukrnafta and 11 more Ukrainian enterprises, and also one personal lawsuit filed by Ihor Kolomoyskyi and the Belbek International Airport in Sevastopol.