The arbitral tribunal at the Permanent Court of Arbitration in The Hague has ordered Russia to pay $5 billion to Naftogaz of Ukraine, Naftogaz CEO Oleksiy Chernyshov has said on Facebook.
"Five billion dollars! This is the amount ordered by the arbitral tribunal at the Permanent Court of Arbitration in The Hague to be paid by Russia in favour of Naftogaz. This is compensation for losses and lost property of Naftogaz in Crimea since 2014," Chernyshov noted.
He added that it concerns the reimbursement of assets aimed at developing gas fields and other strategically important infrastructure, which became one of Russia's main targets during the occupation of the Ukrainian peninsula nine years ago.
"I believe that this is not the last decision that will be made in The Hague in favour of our country. The truth is on our side. And those who fight for the truth will not lose," he stressed.
Naftogaz added that the Russian Federation must comply with the court decision in The Hague in accordance with its obligations under international law.
"Arbitral awards can be enforced through the enforcement mechanism. Therefore, in case Russia refuses to voluntarily comply with the court's decision, in accordance with the New York Convention of 1958, Naftogaz has the right to start the process of enforcement in the territory of those states where the assets of the Russian Federation are located," the company said.
In February 2019, the Hague Arbitration Tribunal recognised its jurisdiction to hear the case and also acknowledged that Russia had illegally expropriated Naftogaz's assets in Crimea.
In February last year, the Hague Arbitration Tribunal started hearings to determine the amount of compensation to be paid to Naftogaz for the lost opportunity to use its assets in Crimea. Naftogaz demanded $10 billion.