The arbitration tribunal in The Hague begins hearings on Naftogaz equipment in occupied Crimea

Любезна Катерина
11:37, 22 February
The arbitration tribunal in The Hague begins hearings on Naftogaz equipment in occupied Crimea
Image source:

The Arbitration Tribunal in The Hague has begun hearings to determine the amount of compensation to Naftogaz for the lost opportunity to use assets in occupied Crimea.

Yuriy Vitrenko, Chairman of the Board of Naftogaz of Ukraine, announced this on Facebook. 

"During Russia's annexation of the Ukrainian peninsula in 2014, our strategically important energy investments became one of Russia's main targets. Russia illegally seized Ukrainian Crimea and has been using what is rightfully Ukrainians' for the past eight years, including the national company Naftogaz”, - he wrote.

These include oil-and-gas fields, drilling rigs, underground storage facilities, ships, the gas transportation system and many other facilities that Naftogaz cannot currently use.

The company is seeking over $ 10 billion in damages, including interest.  Reputable international experts provide appropriate damage assessments in court.

"We expect that the arbitration award, which has begun today, will be made early next year. Because it is an extremely complex process that requires non-trivial arguments, both legal and economic, for each asset", - Yuri Vitrenko said.

He clarified that the Russian side initially refused to participate in the process but has now joined in and chosen the tactic of "procedural sabotage" - trying to delay consideration of the case on the merits.

"Our legal team and I will make every effort to make Putin pay for stealing from Naftogaz and beyond ...I do not doubt that, sooner or later, international courts will render a fair decision not only on compensation for material damage suffered by our state as a result of the annexation of its peninsula but also on fair punishment for those who forcibly took our land", - Vitrenko stated.

The head of Naftogaz also hopes that Russian President Vladimir Putin "will appear before the tribunal, perhaps even in The Hague".

Work on determining and justifying the amount began in 2015.

Follow us on Telegram