The Tribunal in The Hague made a decision that can help “Naftogaz” to get a compensation in the amount of about $5 billion for lost assets in Crimea

The court in The Hague made a decision that can help “Naftogaz” to receive a compensation in the amount of about $5 billion for lost assets in Crimea.

“NJSC “Naftogaz of Ukraine” received a decision of arbitration in the city of The Hague, where the issue of the claim of “Naftogaz” to the Russian Federation on the lost assets in Crimea and on the Black Sea shelf was considered. The decision is positive”, informed the Head of the NJSC Andriy Kobolev.

Thus, the company proved two issues in the tribunal: the fact that the jurisdiction of its investment protection tribunal extends to this case, and also the fact that the Russian Federation, as a state, is “guilty of the loss of our assets and must be responsible for this, to provide NJSC “Naftogaz of Ukraine” acompensation”.

“We roughly estimate the amount of $5 billion. But the final decision on the amount will be the subject of the next hearing, which we expect this year, and we hope that early next year we will receive a decision on the amount of compensation”, Mr. Kobolev said.

According to him, this is quite a large amount, and the process of asset valuation may take some time. The assets of “Naftogaz” include: special licenses for exploration in the coastal zone and special licenses for the use of subsoil, gas pipelines, gas reserves in Crimean storage, ships, drilling platforms, transportation and other equipment.

Also, the Head of the NJSC stressed that the history of the seizure of assets in Crimea is different according to all plaintiffs. At first, the illegal Crimean authorities seized them, and with the help of the Russian military tried to create an evidence base that would be built around the concept that they nationalized assets belonging to the NJSC and other companies of the group.

“We managed to prove at this tribunal that the seizure of assets occurred simultaneously or immediately after the annexation of Crimea. We consider the proof of this fact to be the main victory in this case. After all, there were attempts to show that some people in Crimea did this, and Russia had no relation to it”, concluded Kobolev.



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Tags: gas, Naftogaz, court

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