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Ukraine asks U.S. court to postpone execution of ruling in favor of Russia’s Tatneft

13:55 13/06/2017

MOSCOW, June 13 (RAPSI) – Ukraine has filed a motion with the U.S. District Court for the District of Columbia seeking to set aside the recognition and enforcement of the ruling issued by the Permanent Court of Arbitration in The Hague on the award of $112 million in favor of Russia’s Tatneft oil company.

According to the document obtained by RAPSI, lawyers of the Ukrainian authorities ask the U.S. court to postpone the ruling recognition “until the completion of the setting aside proceeding at the seat of arbitration in Paris, France,” expectedly in July 2018. Ukraine has turned to the French national courts trying to appeal the arbitration award.

Tatneft, based in Russia’s Republic of Tatarstan, claimed forcible takeover of Ukrtatnafta and seizure of its shares. In May 2008, the company took its case to a tribunal administered by the Permanent Court of Arbitration in The Hague.

In the summer of 2014, the tribunal ruled that Ukraine had broken the bilateral investment treaty with Russia and awarded compensation of $112 million plus interest over the Ukraine's Kremenchug oil refinery (Ukrtatnafta).

Ukraine’s authorities have challenged the ruling, but the Court of Appeal of Paris dismissed the appeal in November 2016.

In March 2017, the Russian company filed a motion with the U.S. court seeking to confirm arbitral award and enter the judgment in its favor. According to Tatneft, the amount of debt plus interest reached $144 million.

Later, Tatneft filed similar motions with the High Court in London and the Moscow Commercial Court.

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Ukraine asks U.S. court to postpone execution of ruling in favor of Russia’s Tatneft

13:55 13/06/2017 Ukraine has filed a motion with a U.S. court seeking to set aside the recognition and enforcement of the ruling issued by the Permanent Court of Arbitration in The Hague on the award of 112 million in favor of Russia’s Tatneft oil company.
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