The Permanent Court of Arbitration in The Hague has completely granted a lawsuit filed by DTEK Group, Ukraine’s commercial energy operator, against Russia, ordering Russia to pay $267 million for the DTEK assets seized during the occupation of Crimea, the company reported on 2 November.
“The International Arbitral Tribunal seated in the Hague has ordered Russia to pay DTEK $267 million in damages for the seizure of company assets in illegally occupied Crimea.,” the company’s press release reads.
This lawsuit, initially filed by DTEK Group in 2017, pertains to Russia’s confiscation of assets belonging to DTEK Krymenergo, an energy distribution and supply company, following Russia’s occupation of Crimea in 2014.
In response to the tribunal’s decision, DTEK Group has announced its intention to initiate “without delay” the process for the recognition and enforcement of the award in countries where Russian assets are situated. The award is enforceable under the 1958 New York Convention, ensuring that DTEK can pursue the full compensation it is owed.
The tribunal’s award not only includes the principal amount but also interest and legal costs incurred up to the date of the award. Interest will continue to accrue until Russia fulfills its obligation to pay the entire amount of damages.
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