Ukraine’s state energy group Naftogaz has asked the Hague Permanent Court of Arbitration to force the Russian Federation to pay the Ukrainian company $5.2 billion compensation for assets lost in annexed Crimea.
The Permanent Court of Arbitration has announced a partial arbitration decision in favor of PrivatBank and against Russia. The question of the amount of compensation is left for the next stage of the arbitration proceedings.
The Ukrainian Supreme Court refused recognition and enforcement of the emergency award in Ukraine, based on the grounds that enforcement of the emergency award would be contrary to the public policy of Ukraine
Ukraine’s Oschadbank has been awarded $1.3 billion by an international arbitration court in respect of the bank’s claims against Russia to compensate for loss of business and assets in Crimea following Moscow’s annexation of the peninsula in 2014.
The move followed a ruling of the Permanent Court of Arbitration that the Russian government must compensate almost two dozen Ukrainian companies for their losses incurred from the illegal annexation of Crimea in 2014.
Un nouveau cas de litige entre investisseurs étrangers et Etats se profile dans le cadre du Traité sur la Charte de l’énergie, à l’origine de nombreuses affaires qui ont défrayé la chronique en Europe.
A federal court in Washington, DC has recognized and enforced a US$331 million arbitral award against Romania under an intra-EU BIT—notwithstanding the objection of the European Commission that the award is incompatible with EU law.