Ukrainian businessman's claims against Russia over lost assets in the Crimea reach Hague Arbitration Court

The lawsuits brought by businessman Ihor Kolomoyskyi and PrivatBank, LLC, Belbek Airport, Ukrnafta and Stabil, LLC, against the Russian Federation to the International Court of Arbitration at The Hague, have reached the initial stage of hearings on issues of jurisdiction, the press service of the Court reports.

According to the press service, hearings on jurisdictional issues for Ukrnafta and Stabil, LLC took place on 11 July, and on the 12-14th of July for Ihor Kolomoyskyi, PrivatBank and Belbek Airport, LLC. After the first two hearings, the arbitrators asked the parties to provide additional materials by 26 August, and 14 October for the other suits.

In all four suits judges allowed Ukraine to provide materials as a non-party participant, however, they denied their request to attend and provide oral testimony. Russia, however, refuses to participate in the proceedings.

Ihor Kolomoyskyi stated he has a right to operate a passenger terminal at the Belbek Airport in Sevastopol until 2020. After the annexation of the Crimea, Russia nationalized this airport. Kolomoyskyi seeks $15 million in compensation from Russia.

PrivatBank, a part of the Privat group owned by Ihor Kolomoyskyi, is pursuing legal actions against Russia due to the loss of bank business on the peninsula after the annexation of the Crimea.

Ukrnafta, Stabil and 10 other complainants have accused Russia of the expropriation of their investments in fuel filling stations in the Crimea.

Proceedings initiated in June 2015 have begun at the Arbitration Court at The Hague, in which Everest LLC, the Chairman of PrivatBank, Dmitry Dubilet and 17 other companies presented their cases regarding the violations by Russia, which prevented complainants’ access to their real estate investments in the Crimea, and as a result, led to the expropriation of these investments.

On 26 August, Ukrainian State Bank, Oschadbank, reported that they would be filing a claim against Russia for damages caused to the bank due to the annexation of the Crimea.

  Ukraine, Russia, Crimea, lawsuit


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