Naftogaz claims 8,000 million from Russia for expropriated assets in Crimea



The Ukrainian gas company Naftogaz demands from Russia 8,000 million dollars in compensation for the expropriation of its assets during the annexation of Crimea in 2014, within the framework of the arbitration procedures opened in the Permanent Court of Arbitration of The Hague.

"Naftogaz confirms its claim for compensation for its illegally expropriated assets in Crimea in March 2014 by Russia: damages valued at approximately $ 8 billion, including interest," the company said in a statement.

The gas company filed a lawsuit against Russia in July 2019 asking for the return of $ 5.3 billion for the loss of its assets, but at the beginning of the year announced its intention to present a new valuation of its assets, which it has detailed now in a memory before the court.

Naftogaz, along with six other companies in the group, responded on Monday to a countermemory of Russia made before the Court in December, in which he argued that he owes nothing to the Ukrainian consortium, although he does not deny having expropriated his assets.

The arbitration proceeding began in October 2016 in the Hague court on the basis of the Investment Protection Agreement between Ukraine and Russia.

The Ukrainian gas company claims that it had before the annexation "the most valuable energy assets in Crimea" and that these were "one of Russia's main objectives when it seized Ukrainian assets during the illegal invasion and occupation of the peninsula in 2014 ".

The oral hearings in the case took place at the Hague Peace Palace in May 2018, after which the arbitration tribunal acknowledged that Russia had breached a number of provisions of the agreement by expropriating the assets of the Ukrainian group.

The Hague Court decided to divide the procedure into two stages, so it will now have to determine the damages that must be repaired.

The hearing on this lawsuit is scheduled for May 2020 in The Hague. The final verdict of the court is expected by mid 2021.

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