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Naftogaz files lawsuit against Russia with $2.6 bln in compensation for Crimean assets

October 19, 2016, 16:47 UTC+3 KIEV

Naftogaz owned some of the most valuable energy assets in Crimea and was among Russia's chief targets

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© EPA/ROMAN PILIPEY

KIEV, October 19. /TASS/. Naftogaz of Ukraine and six of its subsidiaries started an arbitration against Russia to recover damages arising from seizure of the group’s assets in Crimea, according to the company’s press release.

"Upon unlawfully invading and occupying Crimea in 2014, the Russian Federation engaged in a widespread and well-orchestrated scheme to deprive Ukrainian companies of their property, without payment of compensation. Naftogaz owned some of the most valuable energy assets in Crimea and was among the Russian Federation’s chief targets. The Russian Federation’s actions violated the Russia-Ukraine bilateral investment treaty, which requires the Russian Federation to respect and protect Ukrainian-owned assets, including those in Crimea," the company said.

Naftogaz noted that the six Naftogaz subsidiaries that have commenced arbitration against Russia together are Chernomorneftegaz, Ukrtransgaz, Subsidiary Company Likvo, Ukrgasvydobuvannya, Ukrtransnafta, and Gaz Ukraiiny.

Naftogaz is a Ukrainian state-owned group of companies engaged in the exploration, development, production, transportation, processing, and marketing of oil and gas. NJSC Naftogaz of Ukraine, the corporate group’s parent, is the national oil and gas company of Ukraine.

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