Report: Naftogaz Ukrainy says lost about $8 bln assets in Crimea

KIEV, Feb 11 (PRIME) -- Ukrainian energy holding Naftogaz Ukrainy plans to submit a final U.S. $8 billion estimate of losses it suffered after Crimea’s 2014 accession to Russia to the Permanent Court of Arbitration in the Hague until the end of February, CEO Andrei Kobolev said in an interview to Ukrainian television channel Ukraina 24 broadcast late on Monday.

“Arbitration acknowledged Russia as the guilty side in Naftogaz loss of assets in Crimea,” he said.

“After the victory, we have to pass a second stage when we submit calculation of the cost of the assets. We will submit a final estimate to the court in February. Our approximate final estimate of the losses is close to $8 billion.”

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 the suit to the Hague court in October 2016 basing its claims on a 1998 investment protection agreement between Russia and Ukraine. In March 2019, Kobolev said that the company won the suit.

Moscow has been denying legitimacy of the suit of Ukrainian banks and companies against the Crimean assets as the arbitration courts have no jurisdiction to hear these cases.

Kobolev also said that the company was ready to discuss prolongation of the natural gas transit contract with Gazprom. If Ukraine adopts the European regulations fully, conditions of the new contract may be better than now, he said.

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