Russia Refutes Hague Court Ruling On Naftogaz Assets In Crimea - Justice Ministry

Russia refuses to recognize the decision by the Hague arbitration court on Ukraine's Naftogaz claims over allegedly lost assets in Crimea as the court does not have any legal authority to settle such cases, the Russian Justice Ministry said Friday

MOSCOW (UrduPoint News / Sputnik - 01st March, 2019) Russia refuses to recognize the decision by the Hague arbitration court on Ukraine's Naftogaz claims over allegedly lost assets in Crimea as the court does not have any legal authority to settle such cases, the Russian Justice Ministry said Friday.

The Permanent Court of Arbitration (PCA) in The Hague ruled earlier in the day that Moscow had violated the bilateral investment protection agreement with Ukraine by expropriating the Naftogaz assets in Crimea following the region's reunification with Russia.

The court did not determine the amount of damage caused to Naftogaz to be compensated by Russia.

"Russia did not participate in the relevant proceedings and does not recognize the partial decision due to the absence of arbitration jurisdiction to consider the Naftogaz claim against the Russian Federation," the ministry said in a statement.

The ministry clarified that it will take all necessary measures to ensure the representation and protection of the Russian interests in connection with the Hague court decision.