Naftogaz has filed a statement with The Hague tribunal in which it estimated the losses caused by Russia’s expropriation of the company’s assets as a result of the annexation of Crimea at $ 5.2 billion. The verdict of the Naftogaz case against Russia is expected in late 2020, Naftogaz press service reported.
Naftogaz reports that The Hague tribunal has already acknowledged Russia’s breach of the mutual investment protection agreement to which the company is appealing, demanding compensation for the seizure of its Crimean assets. At present, the arbitration has divided the case into two stages, and the final decision can be reached in the second year of its consideration which is not earlier than the end of 2020.
“Naftogaz possessed the most valuable energy assets in Crimea and was one of the main targets of the Russian Federation when it seized Ukrainian assets after the illegal invasion and occupation of the peninsula in 2014,” reported Naftogaz.