The Hague court ordered Russia to pay Naftogaz $5 billion for the companyʼs stolen assets in Crimea

Author:
Liza Brovko
Date:

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.