Ukraine’s state-run energy firm NJSC Naftogaz Ukrainy says it won an arbitration case against Russia, in a decision that would oblige Moscow to pay $5 billion to Kyiv.
(Bloomberg) — Ukraine’s state-run energy firm NJSC Naftogaz Ukrainy says it won an arbitration case against Russia, in a decision that would oblige Moscow to pay $5 billion to Kyiv.
Russia must pay the sum for losses caused by the seizure of Naftogaz’s assets in the Crimea peninsula, annexed by Russia in 2014, Naftogaz said on its website, citing a ruling by the Hague’s Arbitration Tribunal at the Permanent Court of Arbitration on April 12, 2023.
“Naftogaz’s team has a victory in an energy field,” the company said in its statement citing the chief executive officer Oleksiy Chernyshov.
Should Russia refuse to pay, Naftogaz has the right to initiate the process to take over its assets located abroad, according to the statement. The decision is the largest awarded by an international arbitration tribunal as indemnity for the expropriation of assets by Russia in Crimea, Naftogaz said.
The tribunal didn’t immediately confirm the decision.
–With assistance from Cagan Koc.
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