Naftogaz: Hague crt orders Russia to pay compensation to Ukrainian cos

KIEV, May 10 (PRIME) -- The Hague court has obliged Russia to pay compensation to Ukrainian companies due to their losses in Crimea, state energy holding Naftogaz Ukrainy said on its Twitter account on Thursday without providing any further details.

Naftogaz Ukrainy previously owned Crimean natural gas company Chernomorneftegaz, but it was nationalized in March 2014 when Crimea joined Russia. The Ukrainian holding and six its affiliates filed a suit to the Hague court in October 2016 basing its claims on a 1998 investment protection agreement between Russia and Ukraine seeking to receive U.S. $8 billion compensation for assets they lost in Crimea.

Ukrainian information agency UNIAN reported that compensation will amount to $159 million and a relevant decision was made on May 2.

End