The arbitral tribunal at the Permanent Court of Arbitration in The Hague ordered the Russian Federation to pay $5 billion in compensation to Ukraine over the unlawful seizures of “gas fields” in Crimea.
In September 2017, Naftogaz filed a legal claim against Russia, with the International Tribunal demanding compensation for lost assets in Crimea.
Naftogaz Group in the Autonomous Republic of Crimea had their assets seized by Russia in 2014 when Moscow illegally annexed the peninsula, Naftogaz Head Oleksiy Chernyshov said.
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Chernyshov wrote, “$5 billion! It is the amount that Russia was ordered to pay in favor of Naftogaz by the arbitral tribunal at the Permanent Court of Arbitration in The Hague.
He added, “It concerns the recovery of assets aimed at developing gas fields and developing other strategically important infrastructure, which became one of the main targets of the aggressor during the occupation of the Ukrainian peninsula nine years ago.”
“The court rejected Russian claims that Naftogaz is not entitled to any compensation for the expropriation of its assets,” the energy firm added.
It is highly unlikely that Moscow will adhere to The Hague as they seem to not recognise the law, but only when it is in their favour.
“Indeed, this litigation took place. It is not new. The decision, however, is new and it needs to be analyzed. Our specialists who are engaged in protecting our rights in this case will analyze it and decide on a course of action,” Peskov said, commenting on the court’s ruling.