Ukrnafta has filed a lawsuit against Russia with the Permanent Court of Arbitration (PCA) in The Hague, the Netherlands. The details of the lawsuit aren’t known. It was noted on the PCA website that the proceeding was initiated in accordance with an Investment Promotion and Protection Agreement, signed by the Russian Federation and Ukraine in 1998.
Moreover, according to the PCA database, eleven more Ukrainian companies (Stabil, Rubenor, Rustel, Kirovohrad-Nafta, Krym-Petrol, Pirsan, Trade-Trust, Elefteriya, VKF Satek, Stemv Group and Novel-Estate), have also filed similar lawsuits against Russia.
As previously reported, the Permanent Court of Arbitration in The Hague stated that it will consider the lawsuit of Ukrainian businessman, Igor Kolomoyskiy, against the Russian Federation regarding his lease at the international airport in Crimea. His company holds a contract granting the company the right to utilize the passenger terminal in the international airport in Sevastopol until 2020.
The Ukrainian businessman is demanding compensation for lost profits resulting from the illegitimate Crimean authority nationalizing the airport. According to reports, the total amount of damages being sought is $15 million. The lawsuit claims that Russia has violated bilateral agreements.
Experts noted that the Court in The Hague, having agreed to consider the lawsuit concerning compensation for losses due to the inability of a private company to utilize Belbek Airport terminals, gives hope to other Ukrainian public and private companies to receive financial compensation from the occupying government.