KYIV (Reuters) – Ukraine’s state-owned gas company Naftogaz on Thursday said Russia has been ordered by an arbitration court in The Hague to pay $5 billion in compensation for unlawfully expropriating its assets in annexed Crimea in 2014.
Russia, which launched a full-scale invasion of Ukraine in February 2022, seized the peninsula of Crimea from Ukraine in 2014.
In a statement, Naftogaz described a ruling on Wednesday by The Hague’s Arbitration Tribunal at the Permanent Court of Arbitration as a “key victory on the energy front”.
“Despite Russia’s attempts to obstruct justice, the Arbitration Tribunal ordered Russia to compensate Naftogaz for losses of $5 billion,” it said.
Naftogaz said that the arbitration award was made after hearings to determine the amount of compensation, which ended in March 2022.
(Reporting by Pavel Polityuk; writing by Tom Balmforth; editing by David Goodman and Jason Neely)
