LAUSANNE (QHA) -

The Swiss Supreme Court ruled that the appeal of Ukrainian oil and gas company Ukrnafta with the International Arbitration Court for the protection of assets lost after the annexation of the Crimea is legitimate, according to the press service of Ukrnafta.

The company reminded that after the illegal annexation of the Crimea in 2014, Russia deprived Ukrnafta of ownership rights to its 16 petrol stations.

“Based on the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on the promotion and mutual protection of investments in 1998, the company filed a complaint with the International Arbitration Court,” the statement said.

Switzerland was determined the place of arbitration, however Russia appealed the decision of the International Arbitration Court in the Supreme Court of Switzerland, because it did not recognize the competence of the first.

“The Supreme Court of Switzerland confirmed by its decision the legitimacy of the International Arbitration Court to consider the dispute on the suit of Ukrnafta against the Russian Federation on the basis of the above-mentioned Agreement. The arbitration proceedings will continue and a final decision on the merits of the case is expected in the near future.”

Ukrnafta expects that this decision will confirm the company's right to compensation in the amount of 50 million dollars from Russia.
 
QHA reported that Russia refused to recognize the decision of the International Arbitrage in The Hague to pay $ 139 million in compensation to 18 Ukrainian companies for the loss of property in Crimea following the illegal annexation. The Kremlin claimed that on August 29, 2018, they filed a lawsuit against payments with The Hague Appeal Court. However, the lawyer of the American company Hughes Hubbard & Reed John Townsend, who represents the plaintiffs' interests, stated that Russia had not formally appealed.

Earlier, the Ministry of Foreign Affairs of Ukraine called on Ukrainian companies to fight for the compensation of assets lost over the annexation of the Crimea.

QHA