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 arbitration court, but on December 12, Russia's appeal was dismissed.
"Also, the Swiss Supreme Court ordered the Russian Federation to pay Ukrnafta 155,000 Swiss francs (more than $150,000) to cover the court expenses. Ukrnafta expects that Russia will respect the final ruling of the Supreme Court of Switzerland and show civility in executing at least this decision," reads the message of Ukrnafta's press service.
The decision of the Supreme Court of Switzerland of December 12 is final and is not subject to appeal. It puts an end to attempts of the Russian Federation to deprive Ukrnafta of the opportunity to receive compensation for the investments seized by Russian in Crimea.
"The ruling of the International Arbitration Court, which the Russian Federation asked to abolish, placed the responsibility on the Russian Federation for the actions of the armed formations which, in April 2014, carried out a forceful seizure of the administrative office and filling stations of Ukrnafta in Crimea, and after which the investments of Ukrnafta were formally seized by the occupation authorities", reads Ukrnafta’s message.
In May, Russia filed an appeal against two decisions of the International Court of Justice in the Hague on claims of Ukrainian companies for the Crimean assests.