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Naftohaz files $5B lawsuit against Russia over seizure of assets in occupied Crimea
Censor.NET reports referring to the Naftohaz Ukrainy press service.
"The losses of the Naftohaz group after the occupation of Crimea are currently estimated by experts at about $5 billion. The court's decision in the case is expected before the end of 2018. In October 2016, Naftohaz and its subsidiaries initiated this arbitration proceedings in accordance with with the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on the promotion and mutual protection of investments, better known as the Russian-Ukrainian bilateral investment agreement. To protect the rights and interests of the group in this process, Naftohaz has hired the international law firm Covington & Burling LLP that has succeeded in protecting clients' interests in cases against the Russian Federation and Russian state companies. In particular, it represented the investors of the oil company YUKOS in a dispute against the Russian Federation in which court decided on the reimbursement of $60 billion in favor of the company," the message says.
Since Crimea was occupied back in 2014, Ukrainian companies such as Ukrnafta, Oshchadbank, Belbek Airport, PrivatBank, Luhzor, Stabil Company, and Everest as well as Ukrainian tycoon Ihor Kolomoisky have filed seven lawsuits against Russia to protect their investments in the annexed peninsula.
