Ukraine's Naftogaz says Russia told to pay $5 bln in arbitration case

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13-04-2023 | 05:33
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Ukraine's Naftogaz says Russia told to pay $5 bln in arbitration case
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Ukraine's Naftogaz says Russia told to pay $5 bln in arbitration case

Ukraine's state-owned gas company Naftogaz on Thursday said Russia has been ordered by an arbitration court in The Hague to pay $5 billion in compensation for unlawfully expropriating its assets in annexed Crimea in 2014.

Russia, which launched a full-scale invasion of Ukraine in February 2022, seized the peninsula of Crimea from Ukraine in 2014.

In a statement, Naftogaz described a ruling on Wednesday by The Hague's Arbitration Tribunal at the Permanent Court of Arbitration as a "key victory on the energy front".

"Despite Russia's attempts to obstruct justice, the Arbitration Tribunal ordered Russia to compensate Naftogaz for losses of $5 billion," it said.

Naftogaz said that the arbitration award was made after hearings to determine the amount of compensation, which ended in March 2022.
 
 

Ukraine

Naftogaz

Russia

Pay

Arbitration

Case

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