Naftogaz Ukrainy files $5 bln suit vs Russia over Crimean assets

KIEV, Sep 20 (PRIME) -- Naftogaz Ukrainy has filed a U.S. $5 billion suit with a Hague court against Russia seeking to recover U.S. $5 billion in damages over the loss of assets in Crimea, the company said in a statement Wednesday.

The suit was filed by Naftogaz Ukrainy and six its units, Chernomorgneftegaz, Ukrtransgaz, Likvo, Ukrgazdobycha, Uktransnafta, and Gaz Ukrainy (Gas of Ukraine).

Naftogaz Ukrainy has hired law firm Covington & Burling LLP to defend its interests in court and expects the court’s decision on the issue by the end of 2018.

After a referendum on Crimea’s joining Russia in March 2014 the property of Chernomorneftegaz and Ukrtransgaz located on the peninsula was nationalized and contributed into the capital of a new company, Crimean republican enterprise Chernomorneftegaz.

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