The Hague court orders Russia to pay US$5 billion in compensation for Naftogaz's losses in Crimea

Russia to pay US$5 billion in compensation for losses and lost property suffered by Naftogaz [the largest national oil and gas company of Ukraine – ed.] in Crimea since 2014.

Source: Naftogaz CEO Oleksii Chernyshov on Facebook

Details: Chernyshov said that this refers to compensation for assets aimed at developing gas fields and other strategically important infrastructure, which "became one of the main targets of the aggressor during the occupation of the Ukrainian peninsula nine years ago".

"I believe that this is not the last decision that will be made in The Hague in favour of our country," Chernyshov wrote.

As Naftogaz’s press service states, Russia must now comply with this decision in accordance with its obligations under international law.

Quote: "The arbitration tribunal has confirmed that Russia must fully compensate Naftogaz for the losses caused by Russia's illegal seizure of Naftogaz Group's assets in Crimea.

Arbitration awards may be enforced through an enforcement mechanism. Therefore, if Russia refuses to voluntarily comply with the court's decision, in accordance with the New York Convention of 1958, Naftogaz has the right to start the process of recognising and enforcing the decision in those states where the Russian Federation's assets are located," the company explained.

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