Ukraine energy firms turn to arbitrator over Crimea losses

Reuters News
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Posted: May 02, 2016 9:31 AM

AMSTERDAM (Reuters) - Two Ukrainian energy companies that lost control of assets in Crimea when Russia seized control of the peninsula have asked a U.N. arbitrator to award compensation, the Permanent Court of Arbitration said on Monday.

The case was brought in June 2015 by the two companies, Ukrnafta and Stabil, who alleged that Russia had violated its obligations under the Ukraine-Russia Bilateral Investment Treaty when it expropriated the firms' investments in petrol stations in the Black Sea peninsula.

The case has only now been made public.

Russia says the court has no jurisdiction over the matter and has so far refused the Hague-based court's invitations to participate in proceedings.

(Reporting by Thomas Escritt; Editing by Alison Williams)