Kyiv calls on Ukrainian companies to sue Russia for property lost in Crimea
The Ministry of Foreign Affairs has called on Ukrainian companies to sue Russia for property lost in the annexed Crimea, as reported by Olena Zerkal, Ukrainian Deputy Minister of Foreign Affairs for European Integration, in a Facebook post.
She commented on the decision of the Arbitration Court in The Hague to compensate Ukrainian investors $159 million for lost assets.
"The text and procedure are currently confidential…[but] we can report that the arbitrators have recognized the following: a) Russia is responsible for actions in the Crimea on the basis of an agreement on mutual protection of investments between Ukraine and the Russian Federation; b) the so-called "nationalization” by the occupation authorities is a violation of the investment agreement; [and] c) Russia must pay compensation in the amount of $159 million dollars to the affected companies, as well as compensate [them] for the costs associated with the trial," Zerkal said.
She stressed “that illegal occupation has its price, and the burden of aggression will continue to grow heavier for Russia”.
"This is only the first victory. There are a number of cases of Ukrainian companies, including [cases by] Naftogaz, Oschadbank, Ukrnafta and Privatbank, currently under consideration. The dynamics of the consideration of these cases is gaining momentum this month, as hearings are held in Naftogaz case and a decision on Oschadbank is anticipated. We know that the circle of companies that are preparing similar claims is getting larger. I encourage all companies that have lost their property in Crimea to actively fight for compensation for losses," the Deputy Foreign Minister stressed.
The Arbitration Court in The Hague ordered Russia to pay $ 159 million compensation for Ukrainian assets lost in the Crimea. Eighteen Ukrainian companies and one unidentified individual can expect money from the Russian Federation as a direct result of this decision.
This decision was the first in history to force Russia to pay compensation for annexation.