PJSC Ukrnafta confirms the fact that it had commenced arbitration against the Russian Federation on 15 June 2015, for which the Permanent Court of Arbitration at The Hague (the "PCA") is acting as Registry. The information on the case has been published on the website of the PCA and can be found at http://www.pcacases.com/web/search/.
PJSC Ukrnafta commenced this arbitration to recover compensation from the Russian Federation for the unlawful seizure of PJSC Ukrnafta’s petrol station operations in the Crimean Peninsula following the Russian Federation’s occupation and purported annexation of the Autonomous Republic of Crimea and city of Sevastopol in 2014. The arbitration is brought under the 1998 bi-lateral investment treaty between Ukraine and the Russian Federation, under which each state promised not to nationalize or expropriate investments made by investors from the other state without prompt and fair compensation. In spite of a formal demand from PJSC Ukrnafta, the Russian Federation has refused to pay any compensation for the taking of its petrol stations and other property in Crimea and Sevastopol.
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