DTEK, the largest private investor in Ukraine's energy sector, has announced that the International Court of Arbitration in The Hague has fully satisfied the company's claim against Russia for the assets it seized in the illegally annexed Crimea.
The tribunal ordered Russia to pay the Ukrainian company $267 million in damages, including interest and legal costs as of the date of the award.
The interest will continue to accrue until the full amount of damages is paid.
The litigation in the case brought by DTEK Krymenergo against Russia has been ongoing since 2017.
The award is enforceable under the 1958 New York Convention. DTEK plans to immediately initiate the process of recognising and enforcing the award in the countries where Russia's assets are located.
Prior to the illegal annexation of Crimea, DTEK owned DTEK Krymenergo, an energy distribution and supply company. The occupying authorities seized control of the company's assets from the rightful owner after Russia occupied Crimea in 2014.
In April this year, a court in The Hague ordered Russia to pay Naftogaz $5 billion for the lost property in Crimea. This refers to the compensation of assets aimed at the development of gas fields and the development of strategically important infrastructure.