Hague arbitration court to hear dispute between Ukrainian companies and Russia
MOSCOW, July 4 (RAPSI) – The Hague-based Permanent Court of Arbitration ruled to proceed with two arbitrations commenced by Ukrainian oil and gas companies over losses allegedly caused by Russia’s actions in Crimea, the Court’s press-release reads on Tuesday.
The Court ruled that it has jurisdiction in these cases. Both claims were filed on June 15, 2015, under the 1998 bilateral treaty between Ukraine and Russia.
The first legal action was brought by Ukrnafta, one of Ukraine's largest oil and gas companies. The second action was brought a number of Ukrainian companies, including Stabil, Rubenor, Rustel, Novel-Estate, PII Kirovograd-Nafta, Crimea-Petrol, Pirsan, Trade-Trust, Elefteria, Satek, Stemv Group.
Ukrainian companies allege that in April 2014 Russia breached its obligations under the treaty by “interfering with and ultimately expropriating their investments in petrol stations located in Crimea.”