THE PERMANENT COURT OF ARBITRATION IN THE HAGUE REJECTED THE RF’S CLAIM TO REVIEW THE JURISDICTION IN THE CASE ON COMPENSATION FOR PRIVATBANK'S LOSSES RESULTING FROM THE ANNEXATION OF CRIMEA 13.09.2019

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The Permanent Court of Arbitration in The Hague rejected the Russia’s claim to review the jurisdiction in the "Crimean" case brought by PrivatBank.

This was reported by Interfax-Ukraine.

It should be reminded that the Tribunal in The Hague delivered the award in favour of the state bank PrivatBank on 15 February 2019. The Permanent Court of Arbitration in The Hague reaffirmed its jurisdiction in PrivatBank's case against Russia, in which the Ukrainian bank demanded compensation of USD 1 billion for property and assets lost due to the annexation of Crimea.

At the same time, the Tribunal postponed the adoption of the decision on the amount of compensation payable by Russia to PrivatBank until the following stages of the case.

On 1 March, it became known that the Tribunal sided with Naftogaz in legal dispute against Russia for the lost Naftogaz’s assets due to annexation of Crimea. The amount of damage that Naftogaz expects to recover under the arbitral award may make up to 8 billion US dollars.

It should be noted that it is already not the first case that Ukraine and Ukrainian companies won over Russia in The Hague Tribunal in disputes regarding losses caused by the annexation of Crimea. In particular, the Tribunal delivered a positive award in the case of Igor Kolomoiskyi and companies owned by him.

It should be reminded that the Tribunal in The Hague ordered the Russian Federation to reimburse a number of Ukrainian companies for losses caused by the annexation of Crimea. The respective amount was 159 million dollars. Russia was held liable for violations of the rights of Ukrainian investors starting from 21 March 2014, when Vladimir Putin signed the decree on annexation of Crimea. 18 Ukrainian companies and individuals served claims against Russia.