The Hague, April 13, LETA–AFP. Ukraine’s state oil and gas company “Naftogaz” announced on Thursday that the Permanent Court of Arbitration in The Hague ordered Russia to pay “Naftogaz” five billion US dollars for illegal confiscation of its assets in occupied Crimea.
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The head of “Naftogaz” Oleksiy Chernyshov states that the company “won an important victory on the energy front” in connection with the losses caused by Russia’s annexation of the Crimean peninsula in 2014.
The Permanent Court of Arbitration has not made any comments yet.
“Despite Russia’s attempts to obstruct justice, the arbitration court has ordered Russia to compensate Naftogaz for losses of five billion dollars,” said Chernyshov. “This relates to the confiscation of our assets by Russia in Crimea in 2014. Russia must now comply with this decision in accordance with its obligations under international law.”
“Naftogaz” submitted the claim to the arbitration court in 2016, and the court announced the verdict on Wednesday.