KIEV, December 12 - RAPSI, Alyone Meyta. The Permanent Court of Arbitration in the Hague fully dismissed Naftrac Limited's $185 million claims against Ukraine, Ukraine's Ministry of Justice reported on Wednesday.

The arbitral proceedings had been in progress since 2009 and dealt with Ukraine's fulfillment of its international obligations under the UN Framework Convention on Climate Change of 1992 and the Kyoto Protocol of 1997. Naftrac Limited sued the State Environmental Investment Agency of Ukraine, for compensation in connection with the violation of its investor rights, in the amount of $185 million, and the definition of the number of greenhouse emission credits which were to be transferred to their account.

The Ukrainian Justice Ministry reported that on December 4, the Permanent Court of Arbitration in the Hague handed down a final ruling in Naftrac Limiteds lawsuit against the State Environmental Investment Agency of Ukraine.

"Following the arbitration, Naftrac Limited's financial claims against Ukraine totaling $185 million were dismissed in full, and the requirements to redistribute greenhouse emission credits were minimally upheld," the report reads.