The Kremlin commented on Naftogaz’s plans to recover $5 billion from Russia

Russia will consider options for securing its rights under Naftogaz’s lawsuit to recover $5 billion, Russian presidential spokesman Dmitry Peskov said.

“All legal aspects will be worked out, of this decision, and options will be considered to ensure our legal rights,” the spokesman said.

Formerly Naftogaz of Ukraine addressed to the U.S. District Court for the District of Columbia with a demand to enforce a court decision to recover $5 billion from Russia for damages related to the loss of assets in Crimea. The Ukrainian company wants to take advantage of the 1958 New York Convention on the Enforcement of an Arbitral Award and start the process of enforcement of awards in the countries where Russian assets are located.

In April of this year, the Arbitration Tribunal at the Permanent Court of Arbitration in The Hague decided that Russia was obliged to pay compensation to the Naftogaz Ukrainy group in the amount of $5 billion for losses from the loss of assets in Crimea.

Naftogaz initiated proceedings in the fall of 2016. The company filed an arbitration claim demanding that Russia be ordered to pay compensation for what the organization believes was a violation of the 1998 investment protection agreement, including for the expropriation of strategically important energy investments in Crimea in 2014.

The property of the subsidiaries of Ukrtransgaz and Chornomorneftegaz was nationalized after Crimea and Sevastopol became part of Russia in 2014. Now it is included in the authorized capital of Chornomorneftegaz, which belongs to the Crimean authorities.