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International sanctions forced Russia to somewhat cut production over the past years.
Russia since the beginning of the occupation of Crimea in 2014 has extracted some 10.4 billion cubic meters of natural gas in the area, that's according to Naftogaz subsidiary.
There has been a slowdown in production from 2 billion cubic meters in 2014 to 1.5 bcm in 2019, due to international sanctions, Svitlana Nezhnova, CEO of Chornomornaftogaz, a Naftogaz subsidiary, said at the Ukrainian Energy Forum in Kyiv, RBC-Ukraine reports.
"Over the years, from 2014 to 2019, the Russian Federation extracted 10.4 billion cubic meters from deposits that belong to Ukraine," she said.
As UNIAN reported earlier, in February 2020, Naftogaz of Ukraine and six companies that are part of the group filed a response to Russia's counter-statement regarding the amount of compensation for losses incurred in the framework of litigation at the Permanent Court of Arbitration in The Hague.
Naftogaz additionally substantiated its statement regarding the amount of compensation for losses incurred by the illegal expropriation of Crimean assets of Naftogaz in 2014 – losses plus interest are estimated at approximately $8 billion, the company noted.
Read alsoUkraine's Naftogaz finalizing documents for arbitration against Russia over Crimea assets
As a result of Russia's annexation of Crimea in 2014, Naftogaz's subsidiary Chornomornaftogaz lost its main assets (in particular, Petro Hodovanets and Ukraina drilling platforms), as well as access to natural gas deposits in the Black Sea offshore zone.
To protect its interests, Naftogaz in October 2016 initiated arbitration in accordance with the agreement between the Cabinet of Ministers of Ukraine and the government of the Russian Federation on the promotion and mutual protection of investment, better known as the Russian-Ukrainian bilateral investment agreement.
On September 15, 2017, Naftogaz reported that the state-run holding had filed a lawsuit against Russia demanding US$5 billion in compensation of losses caused by the occupation. Taking into account the expected interest, Naftogaz's claim is estimated at US$8 billion.