OREANDA-NEWSThe national joint-stock company Naftogaz Ukrainy estimated at $ 5.2 billion the amount of damage from the loss of the company's assets remaining in Crimea. This was reported on Wednesday by the press service of the Energy Company.

“At the end of June, enterprises belonging to the Naftogaz group filed a claim with the Tribunal at the Permanent Court of Arbitration in The Hague about the amount of compensation for losses caused by the expropriation of the assets of the National Joint-Stock Company in Crimea. Naftogaz asks the Tribunal to oblige the Russian Federation to pay in favor the plaintiffs $ 5.2 billion",- stated in a press release. According to the company, the Tribunal will decide on compensation for damages not earlier than the end of 2020.

Earlier, the Tribunal stated that the Russian Federation had violated a number of provisions of the Investment Protection Agreement by expropriating the assets of the Naftogaz group in Crimea. Since the Tribunal decided to divide the proceedings into two stages, the issue of determining damages will be considered at the second stage.

Naftogaz of Ukraine initiated arbitration proceedings against the Russian Federation in October 2016 on the basis of an agreement by the governments of Ukraine and Russia “On the Promotion and Mutual Protection of Investments”. Arbitration against the Russian Federation was initiated by a joint statement of the National Joint-Stock Company and six enterprises of the group - Chornomornaftogaz, Ukrtransgaz, Likvo, Ukrgazvydobuvannya, Ukrtransnafta, Gas of Ukraine.

The Permanent Court of Arbitration at The Hague performs the functions of a registrar and administers arbitration proceedings. In particular, the case of the payment of the Russian Federation in favor of the plaintiffs $ 5.2 billion