Ukraine’s largest energy operator wins case against Russia in The Hague
Pravda Ukraine
The International Arbitration Court in The Hague has fully granted a claim brought by the Ukrainian energy operator DTEK against the aggressor country of the Russian Federation with respect to assets seized in illegally annexed Crimea.
Source: This was reported on the DTEK website.
Details: The arbitration court ordered Russia to pay the Ukrainian company damages of US$267 million, which includes interest and legal costs at the date of the award. Interest will continue to accrue until the entire amount of losses has been paid in full.
The award is enforceable under the 1958 New York Convention.
DTEK plans to immediately initiate the process of recognition and enforcement of the award on the territory of those states where Russia’s assets are located.
“Today’s decision marks another milestone in holding Russia accountable for its expropriation of Ukrainian investments in Crimea,” said Covington & Burling LLP partner Marney Cheek, who represented DTEK in the case.
The main shareholder of DTEK, Rinat Akhmetov, also commented on the victory.
“Russia should be under constant pressure – on the battlefield, sanctions, legally. We will work 24/7 to ensure that the enemy is brought to justice and pays for the war unleashed, for every crime against Ukraine and Ukrainians, for violation of international law,” he said.
Akhmetov said the decision of the International Court of Arbitration shows that the international justice system is on the side of truth and fairness.
“Today was only the first step towards restoring the right world order. And we will follow this path until Russia answers to all Ukrainians for the evil it brought to our country,” he said.
Background:
- DTEK Krymenergo’s lawsuit against Russia had been ongoing since 2017.
- Prior to the illegal annexation of Crimea, DTEK owned the energy distribution and energy supply company DTEK Krymenergo. The occupation authorities seized control of the company’s assets after Crimea was occupied by Russia in 2014.
- DTEK Group is the largest private investor in Ukraine’s energy sector. Companies in the DTEK Group employ 55,000 people.
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