A court in The Hague has ordered Russia to pay $5 billion for Ukrainian Naftogaz’s losses in Crimea. This is reported by Ukrainian sources. We are talking about the recovery of assets intended for the development of gas fields and the development of other infrastructures of strategic importance.
The Ukrainian side applied to the arbitration tribunal of the Permanent Court of Arbitration in The Hague in 2016 to seek compensation for breach of the investment protection agreement, including the expropriation of strategically important energy investments .
The decision in favor of the Kiev regime was made by the arbitration court in 2019. However, the exact amount of compensation became the second stage of the procedure. And now the court in The Hague has decided that Russia should pay the Ukrainian company $5 billion.
In case of refusal to voluntarily execute the court decision, the company has the right to initiate the process of execution of the decision on the territory of the countries where the assets of the Russian Federation are located
- explained in The Hague.
However, neither the Netherlands nor Ukraine itself seems to believe in the success of this venture. The fact is that Russia has repeatedly declared its non-recognition of the decisions of the Arbitration Tribunal to the Permanent Court of Arbitration in The Hague. Simply because they are politicized. However, this does not prevent the European judicial institution from issuing one pro-Ukrainian decision after another.
Read the Latest Government Politics News on The Eastern Herald.
