The arbitration tribunal at the Permanent Chamber of the Arbitration Court in The Hague ordered Russia to pay Naftogaz Ukraine $5 billion for the losses it suffered after the Russian occupation of Crimea.
This was reported by the Naftogaz press service.
The company noted that if the Russian Federation voluntarily fails to comply with its international obligations, the Ukrainian side can begin the process of enforcement of the court decision on the territory of those states where there are Russian assets.
During the trial, Russia insisted that Naftogaz was not entitled to compensation, but the Arbitral Tribunal rejected such claims.
The court also ordered the Russian Federation to reimburse Naftogaz for all costs related to the arbitration proceedings.
- In October 2016, Naftogaz and six other companies of the Naftogaz Group initiated arbitration proceedings against Russia. The company asked the tribunal to oblige the Russian Federation to pay compensation for the violation of the Investment Protection Agreement, in particular, after the occupation of Crimea.
- In 2018, hearings were held at the Peace Palace in The Hague, and in February 2019, the tribunal ruled in favor of Naftogaz.
- Later in 2019, Naftogaz of Ukraine filed a lawsuit in the Arbitration Court demanding that Russia compensate $5.2 billion for the seizure of its assets in Crimea.
- In 2022, the Hague Court of Appeal confirmed the jurisdiction of the Arbitral Tribunal in the case. In the same year, the company Naftogaz of Ukraine submitted a request for arbitration to the International Court of Arbitration regarding the actions of the Russian Gazprom — it demands payment for the organization of natural gas transportation through the territory of Ukraine.