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Hague court orders Russia to pay Ukrainian companies for losses over Crimea annexation

Hague court orders Russia to pay Ukrainian companies for losses over Crimea annexation

AP
The Hague Arbitration Court unanimously decided that Russia is responsible for violating the rights of Ukrainian investors and should compensate their companies for the losses caused by the Crimea annexation. This was stated in a press release of the court.
“On 2 May 2018, having deliberated, the Tribunal issued its unanimous Award on the Merits, addressing issues pertaining to liability and damages,” the message says.
It is noted that Russia has to pay Ukrainian companies 159 million dollars.
“The Claimants contended that, as of August 2014, the Russian Federation breached its obligations under the Ukraine-Russia BIT by interfering with and ultimately expropriating their investments in real estate located in Crimea,” it is stated.

As the court reported previously, after the hearing on the merits in this matter was held from 5 to 6 October 2017, the Tribunal invited the Parties to file post-hearing submissions by 11 December 2017. On 11 November 2017, the Tribunal posed supplementary questions on valuation to the Parties, inviting them to respond in their post-hearing submissions. The Russian Federation did not file any post-hearing submissions.
On 23 March 2018, the Tribunal declared the hearings in this arbitration closed.

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