The Hague arbitral tribunal ordered Russia to pay Naftogaz Ukrainy $5 billion for damages resulting from the loss of assets in Crimea, company chief Alexei Chernyshov said.
“The arbitral tribunal ordered the Russian Federation to compensate Naftogaz for losses amounting to $5 billion. We talk about the aftermath of Russia’s seizure of our assets in Crimea in 2014,” the company’s website reads.
Moreover, according to Chernyshov, if the Russian side refuses to voluntarily execute the court decision, Naftogaz can start the process of recognition of the arbitration award, as well as allow its execution on the territory of the states where the Russian assets are located.
The court also held that the amount of compensation should be equal to the fair market value of Naftogaz up to the time of their loss.
It is stated that the company was asking for almost double that – around $10 million.
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