Ukrainian companies won the arbitration in Hague

According to the press release of the Permanent Court of Arbitration dated May, 9 2018 the range of Ukrainian companies won the arbitration against Russia in the Court of Arbitration in the Hague on property and investments protection, which was lost due to the occupation and the attempt of annexation of Crimea (case № 2015-36). The arbitration proceedings were initiated by the eighteen companies and an individual against the aggressor – state in June, 19 2015 in accordance with the Ukrainian – Russian agreements on promotion and reciprocal investment protection in 1998 and according to the Arbitration Regulations of the United Nations Commission of International Trade law (UNCITRAL)

The claimants of this case are LLC “Dairis”, LLC “Dan- Panorama”. LLC “ Deline Ltd”, LLC “Everest –Estain”, LLC “IMME”, LLC “Crimea Development”, LLC “Niva Tour”, LLC “Privatland”, LLC “Privatoffice”, LLC “Sanatorii Energetic”, LLC “Teleradiocompany “Zhysa”, LLC “KUA Financial vector”,  LLC “KUA Financial capital”, PE “ Edelveis-2000”, PE “Planet”, CJSC “Aerobud”, CJSC “Fortune”, CJSC “Ubk- Invest” and Olexandr Dubilet. The claimants pointed out that they were limited in their rights to invest into the real estates existing in Crimea and later these real estate  were expropriated from the legal owners.

In May, 2 2018 the arbitration court approved Award on the Merits regarding the issues of liability and loss, according to the preliminary information the amount exceeds 140 mln US dollars. Russian Federations beginning from September 2015 was evading to participate in that arbitration and claimed of non-recognition of it jurisdiction; such a position of the state – aggressor will not influence on the enforcement of the arbitration’s decision after it comes in force.

The detail information on this case is available in the site of the Permanent Court of Arbitration by a link