“Naftogaz” has filed another lawsuit in the Hague against Russia for 5 billion dollars

Naftogaz of Ukraine” was submitted to the Tribunal, formed under the Permanent Court of Arbitration in the Hague, the statement of claim with the requirement to Russia to compensate $ 5 billion of losses due to seizure of the assets in the annexed Crimea.

Together with “Naftogaz” to the suit was joined by six more of its subsidiary companies – “Chernomorneftegaz”, “Ukrtransgaz”, “of likvo”, “Ukrgasdobycha”, “Ukrtransnafta” and “Gas of Ukraine”.

Experts estimate the losses of “Naftogaz” for the occupation of Crimea in more than $ 5 billion.

The Tribunal must rule on the case until the end of 2018.

We will remind, in October 2016 “Naftogaz” and other companies of the group initiated this arbitration under the agreement between the Cabinet of Ministers of Ukraine and the government of the Russian Federation on encouragement and mutual protection of investments, better known as the Russian-Ukrainian bilateral investment agreement.

To protect the rights and interests of the group in this process, “Naftogaz” has engaged international law firm Covington&Burling LLP, which has considerable positive experience of representation of clients in proceedings against Russia and Russian state companies. In particular, the company represented the interests of the investors of the oil company “YUKOS” in the dispute against Russia and won a court decision on reimbursement of $ 60 billion.

Because of the Russian occupation of Crimea the Ukrainian company has already filed seven lawsuits on the protection of investment against Russia. Their lawsuits were filed: “Ukrnafta”, “savings” businessman Igor Kolomoisky and “Belbek Airport”, “PrivatBank”, “Luksor”, “Stable”, “Everest”.