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The national oil and gas holding Naftogaz of Ukraine has lodged a lawsuit against Russia with the Permanent Court of Arbitration in The Hague (The Netherlands) demanding compensation of US$5 billion for damages the company suffered as a result of Russia's illegal seizure of its assets in Crimea, according to Naftogaz press service.
"NJSC Naftogaz of Ukraine and six companies belonging to the Naftogaz Group … have filed a statement of claim with the tribunal formed under the Permanent Court of Arbitration in The Hague, regarding damages caused by the illegal seizure of the Group's assets in the Autonomous Republic of Crimea. Naftogaz losses as a result of the occupation of Crimea are currently estimated by experts at about $5 billion," the report says.
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"The court's ruling in the case is expected to be handed down before the end of 2018," the press service noted.