Hague court orders Russia to pay Ukrainian companies for losses over Crimea annexation

The Hague Arbitration Court has unanimously decided that Russia is responsible for violating the rights of Ukrainian investors and should compensate their companies for the losses caused by the Crimea annexation. This was stated in a press release of the court, - 112.ua reports.

"On 2 May 2018, having deliberated, the Tribunal issued its unanimous Award on the Merits, addressing issues pertaining to liability and damages", - the report said.

It is noted that Russia has to pay Ukrainian companies 159 million dollars.

According to the court's report, Russia was recognized responsible for violating the rights of Ukrainian investors, starting from March 21, 2014, when Russian President Vladimir Putin signed a decree on the Crimea annexation. Claims against Russia were filed by 18 Ukrainian companies and one private individual.

After holding the hearings from 5 to 6 October 2017, the Arbitral Tribunal invited the parties to provide additional explanations by December 11, 2017, but the Russian Federation ignored this possibility.

On March 23, 2018, the Arbitral Tribunal announced end of the hearings.

As previously reported, in 2017, the International Court of Arbitration in the Hague (Permanent Court of Arbitration) accepted the lawsuit of Ukrnafta largest oil company against Russia in order to get compensation for the illegal seizure of gas filling stations in the territory of temporarily occupied Crimea.

Together with the lawsuit filed by Ukrnafta, the court also began considering the lawsuit of Stabil Ukrainian company against Russia. The companies state that Russia violated the terms of the Russian-Ukrainian bilateral investment agreement.