Naftogaz of Ukraine applied to the US court to enforce the recovery of $5 billion from Russia
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Naftogaz Ukrainy and five other companies of the group applied to the US District Court for the District of Columbia with a demand to enforce the court’s decision to recover $5 billion from Russia for losses related to the loss of assets in Crimea. About it reported in a Ukrainian company.
Naftogaz refers to the 1958 New York Convention, according to which an arbitral award can be enforced. Accordingly, the Ukrainian company wants to exercise this right and start the process of enforcement of decisions on the territory of those countries where Russian assets are located, Naftogaz explained.
Arbitration proceedings were initiated by Naftogaz back in October 2016. Naftogaz filed an arbitration claim demanding that Russia be ordered to pay compensation for an alleged violation of the 1998 investment protection agreement, including for the expropriation of strategically important energy investments in Crimea in 2014. After the entry of Crimea and Sevastopol into Russia, the property of Naftogaz’s subsidiaries Chornomorneftegaz and Ukrtransgaz, located on the peninsula and on the shelf, was nationalized and contributed to the authorized capital of the new company Chornomorneftegaz, owned by the Crimean authorities.
In April 2023, the Arbitration Tribunal at the Permanent Court of Arbitration in The Hague ruled that Russia was obliged to pay compensation to the Naftogaz Ukrainy group in the amount of $5 billion for losses related to the loss of assets in Crimea.
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