Russian Tatneft sued Ukraine for $112 million in Paris
The Paris Court of Appeal on November 29 upheld two arbitration decisions that oblige Ukraine to pay the Russian oil company Tatneft $112 million, plus interest.
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This is stated in message from the Tatneft press service.
Tatneft began arbitration proceedings against Ukraine in 2008 in accordance with the Russian-Ukrainian agreement on the promotion and mutual protection of investments. In 2014, the arbitrators ruled in favor of the Russian company and ordered Ukraine to pay compensation, the press service said.
“In the same year, Ukraine initiated proceedings in the Paris Court of Appeal to overturn these two arbitral awards, arguing that the arbitral tribunal did not have jurisdiction to hear the dispute and that one of the arbitrators did not meet the requirements of independence and impartiality. On November 29, the Paris Court of Appeal rejected both arguments of Ukraine and confirmed the validity and enforceability of both arbitration awards,” Tatneft said.
The company expects that Ukraine will voluntarily pay compensation before taking legal measures to recover funds.
Tatneft accuses the state of Ukraine and Ukrainian entrepreneurs Igor Kolomoisky, Gennady Bogolyubov and Alexander Yaroslavsky of illegally diluting their stake in the Ukrtatnafta company. Tatneft's initial share in the Ukrainian-Russian joint venture Ukrtatnafta was 47%, but then it was practically wiped out as a result of the emergence of new shareholders close to the companies of Kolomoisky and Yaroslavsky, and a series of legal proceedings in Ukraine.
Tatneft's claim against Kolomoisky and his partners is also being considered by the London court.
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