Ukraine's Naftogaz files $5bln lawsuit over Crimea assets

 20 Sep 2017 - 13:39

Ukraine's Naftogaz files $5bln lawsuit over Crimea assets


Kiev: Ukraine's energy giant Naftogaz has filed a $5 billion lawsuit against Moscow to a Hague-based tribunal over what it said was the illegal seizure of its assets in Crimea, the company said on Wednesday.

"The losses of the Naftogaz group due to the occupation of the Crimea are currently estimated by experts at around $5 billion", the company said.

Naftogaz said it expected the court to make a decision by the end of 2018.

Ukrainian companies have turned to international courts as they seek to recover damages they sustained after Russia annexed the Black Sea peninsula in 2014.

In October 2016, Kiev announced that it was seeking $26.6 billion from its Russian counterpart for its alleged failure to pay the required sums for transits and billing Kiev for gas it never bought.

Russia's Gazprom energy giant said it demands $38.7 billion from Naftogaz for what it sees as non-payment on contracted gas.