Arbitration in Paris to Consider Ukrenergo’s Claim Against Russia for Assets in Crimea.

The arbitration tribunal in Paris has ruled that it has jurisdiction in the case of NEC "Ukrenergo" against Russia for assets in Crimea. This was announced by Ukrenergo's Chairman of the Board, Volodymyr Kudrytskyi.

The tribunal in Paris is designated to hear the case by the Permanent Court of Arbitration. In June, a hearing took place regarding the claim by NEC "Ukrenergo" against Russia concerning assets in occupied Crimea. Today, the verdict was delivered in favor of "Ukrenergo", the same was acknowledged and our claims will be heard tomorrow," said Kudrytskyi.

The claim is worth 527 million euros. The claim relates to 17 high-voltage substations of "Ukrenergo" in Crimea and over 1300 km of power lines, which were seized by Russia during the occupation.

"Our company is also seeking compensation for other violations of the Agreement between the Governments of Ukraine and the Russian Federation on the Protection of Investments of 1998," Kudrytskyi noted.

This arbitration proceeding has been ongoing since November 2020. The Russian side is actively defending its interests. The arbitrators spent 11 months analyzing the arguments of the parties and have made a decision regarding jurisdiction. The next step is to determine the procedural calendar of subsequent hearings, during which the case will be reviewed on its merits.