Arbitration Tribunal in Paris to consider Ukrenergo’s suit against Russia over Crimea assets

That’s according to Ukrenergo Board Chairman Volodymyr Kudrytskyi, who reported the news on Facebook, as seen by Ukrinform.

"The Arbitration Tribunal in Paris, appointed to consider the case by the Permanent Chamber of the Arbitration Court, on August 5 made a decision in favor of Ukrenergo, recognizing that the court does have jurisdiction over the dispute. This means that ultimately, the arbitration tribunal will hear and rule on the claims Ukrenergo filed against the Russian Federation in 2019," Kudrytskyi said.

He recalled that the lawsuit covers assets worth EUR 527 million. Ukrenergo is suing over 17 Ukrenergo high-voltage substations in Crimea and over 1,300 km of power lines captured by the enemy since the occupation of the Ukrainian peninsula.

"We also demand compensation for damages for other violations of the 1998 Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on the Promotion and Mutual Protection of Investments," noted Kudrytskyi.

The arbitration proceedings have been ongoing since November 2020, with the Russians actively defending their position. The arbitrators took 11 months to analyze the arguments produced by both parties and reach their decision on jurisdiction. Next, the Permanent Chamber of the Arbitration Court will determine the procedural schedule for the upcoming meetings for substantive consideration of the case.

As reported, Russia is obliged to pay $5 billion in compensation for damage inflicted by the seizure of assets belonging to the Naftogaz Group companies during the occupation of Crimea in 2014.