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 Russian-Ukrainian bilateral investment agreement.
“The plaintiffs claim that the Russian Federation has violated its obligations arising from the Russian-Ukrainian bilateral investment agreement by adopting measures from the beginning of April 2014 that prevented their investments in gas stations located in the Crimea and ultimately led to the expropriation of these investments,” the court said.
Earlier, Ukrnafta filed a claim against Russia in the Hague international court in connection with the losses resulting from Russia’s annexation of the Crimea in March 2014. The basis for the appeal to the court was a bilateral agreement on the protection of investments between Ukraine and the Russian Federation in 1998, which specified that each of the parties assumed the obligation not to nationalize or expropriate the investment.