Court in The Hague orders Russia to pay $5 bln in compensation for Naftogaz’s losses in Crimea

The arbitral tribunal at the Permanent Court of Arbitration in The Hague ordered the Russian Federation to pay NJSC Naftogaz Ukrainy $5 billion for damages caused by the seizure of the assets of Naftogaz Group in the Autonomous Republic of Crimea in 2014, Naftogaz Head Oleksiy Chernyshov has said.

“$5 billion! It is the amount that Russia was ordered to pay in favor of Naftogaz by the arbitral tribunal at the Permanent Court of Arbitration in The Hague,” he wrote on his Facebook on Thursday.

According to him, it is compensation for losses and lost property of Naftogaz in Crimea, starting from 2014.

“It concerns the recovery of assets aimed at developing gas fields and developing other strategically important infrastructure, which became one of the main targets of the aggressor during the occupation of the Ukrainian peninsula nine years ago,” Chernyshov said.

The company said in a press release on its website with reference to its head that now Russia must comply with this decision in accordance with its obligations under international law.

The arbitral tribunal made the decision on April 12, 2023.


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