An arbitral tribunal in The Hague has ordered Russia to pay Ukraine’s state-owned Naftogaz $5 billion for damages caused by the annexation of Crimea, company chief Alexei Chernyshov has said.
According to him, we are talking about the recovery of assets related to the development of gas fields and the development of other infrastructure of strategic importance.
“I believe that this is not the last decision to be taken in The Hague in favor of our country. The truth is behind us. And those who fight for the truth will not lose. writing the boss of Naftogaz on his Facebook.
Company press office clarifiedthat if the Russian authorities voluntarily refuse to execute the court order, then, in accordance with the New York Convention of 1958, Naftogaz has the right to initiate the process of execution of the court order in the countries where there are the assets of the Russian Federation.
In 2014 Russia annexed Crimea, and in October 2016 Naftogaz initiated arbitration proceedings against the Russian Federation regarding the expropriation of the company’s Crimean assets. In February 2019, the court ruled in favor of Naftogaz, after which hearings began to determine the amount of compensation.