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Ukraine’s Naftogaz says Russia was ordered to pay $5 bln in arbitration case
Ukraine’s state-owned gas company Naftogaz on Thursday said Russia has been ordered by an arbitration court in The Hague to pay $5 billion in compensation for unlawfully expropriating its assets in annexed Crimea in 2014.
Russia, which launched a full-scale invasion of Ukraine in February 2022, seized the peninsula of Crimea from Ukraine in 2014.
In a statement, Naftogaz described a ruling on Wednesday by The Hague’s Arbitration Tribunal at the Permanent Court of Arbitration as a “key victory on the energy front.”
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“Despite Russia’s attempts to obstruct justice, the Arbitration Tribunal ordered Russia to compensate Naftogaz for losses of $5 billion,” it said.
Naftogaz said that the arbitration award was made after hearings to determine the amount of compensation, which ended in March 2022.
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