Ukraine has filed an application to the Paris Court of Appeal, in which it asks to cancel the arbitration decisions that recovered $ 104 million from it in favor of the Ministry of Land and Property Relations of the Republic of Tatarstan.
According to the Global Arbitration Review (GAR) portal, the application has been accepted for consideration. It concerns compensation to Tatarstan in the case of the loss of a stake in Ukrnafta.
It follows from the material that in 2016 the Republic of Tatarstan initiated arbitration against Ukraine, the amount of the claim amounted to about $ 300 million.
Thus, the plaintiff demanded compensation for the loss of 28.78% of shares in Ukrtatnafta CJSC, which owned the Kremenchug refinery. The arbitration proceedings were conducted under the administration of the Permanent Court of Arbitration in The Hague.
In 2019, the arbitrators recognized their jurisdiction in the case and ruled that the Ministry of Land and Property of Tatarstan is a protected investor whose share was expropriated by decisions of the Ukrainian courts.
In 2023, it was decided that the Ukrainian side violated the announcement on the protection of investments between the Russian Federation and Ukraine from 1998, therefore, the respondent state must pay $ 104 million to the investor.
As EADaily reported, earlier the Supreme Court of Switzerland rejected Gazprom's complaint against the decision to pay $ 1.37 billion to Naftogaz due to gas transit through Ukraine.
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