Russia had earlier appealed the ruling of the International Arbitration Court /Photo from UNIAN

"In a judgment of December 12, 2019, the Supreme Court of Switzerland upheld the Russian Federation's application for the cancellation of an international arbitration award in favor of PJSC Ukrnafta," the company's press service said in a statement on December 18.

It is noted that the arbitration award on compensation for the expropriation of the company's investment in Crimea remains in force.

On April 12, 2019, the International Arbitration Court has ruled to recover from Russia US$44.4 million in compensation in favor Ukrnafta for the expropriation of the company's property in the annexed Crimea.

Read alsoInternational arbitration court rules to recover from Russia US$44.4 mln in favor of Ukrnafta over Crimea assets

In May 2019, Russia appealed to the Supreme Court of Switzerland to reverse the ruling of the International Arbitration Court.

"In addition, the Swiss Supreme Court ordered the Russian Federation to pay PJSC Ukrnafta CHF 155,000. Ukrnafta expects that the Russian Federation will respect the final decision of the Supreme Court of Switzerland and show civilization in execution of at least this decision," the press service added.

The company says the ruling by the Supreme Court of Switzerland of December 12, 2019, is final and is not subject to appeal. This decision puts an end to Russia's attempts to deprive Ukrnafta of the opportunity to obtain compensation for investments expropriated in the Autonomous Republic of Crimea.