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February 21, the Arbitration Tribunal in The Hague finally started its hearing to determine the amount of compensation to Naftogaz for the loss of opportunity of using its assets in Crimea. Naftogaz is trying to recover ten billion dollars from the aggressor country through the Arbitration Tribunal in The Hague.
The head of the board of Naftogaz, Yuriy Vitrenko, hopes that an arbitration decision, in this case, will be made in 2023.
“Our strategically important energy investments became one of the main targets of the Russian Federation during the annexation of the Ukrainian peninsula in 2014. Russia illegally appropriated Ukrainian Crimea and has been using what belongs to Ukrainians for eight years, including the national company Naftogaz. We are talking about fields, drilling rigs, underground storage facilities, ships, the gas transmission system, and many other facilities that we cannot use yet,” Vitrenko explained.
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He recalled that the company already has more than successful experience in fighting against Russia in arbitration – in particular, the decision of the Stockholm Arbitration, which brought Ukraine $5 billion, becoming the largest commercial arbitration in the world in history with the claims of the parties for $125 billion.
“Both the 2018 decision and the current process, in addition to monetary compensation, demonstrate our strength as a nation that knows how to defend its own,” Vitrenko added.
Ukraine has more than successful experience in fighting against Russia in arbitration, including the decision of the Stockholm Arbitration, which brought Ukraine $ 5 billion, becoming the world’s largest commercial arbitration with claims of the parties for $ 125 billion. However, both the decision in 2018 and the current process, in addition to monetary compensation, demonstrate our strength as a nation that knows how to defend its own.
