Naftogaz wants $3 billion of compensation for Crimean assets

Naftogaz Ukrainy, following Igor Kolomoisky, has started the process for obtaining compensation for the nationalized assets in the Crimea. For a while the company, which estimates the lost property in the Crimea at least at $3 billion, wants to negotiate with Russia, but then it will fill the case to arbitration. According to lawyers, such dispute will necessarily touch the question of the territorial ownership of the Crimea and last long.

Naftogaz Ukrainy has initiated negotiations for the settlement of investment disputes, in which the company requires compensation for investments, made in the Crimea, from Russia. In its demands the Ukrainian side refers to the bilateral agreement on mutual protection of investments between Russia and the Ukraine, dated 1998. If the dispute is not resolved through negotiations (six months are given to them), Naftogaz is going to pass it to arbitration, the company points out. The Russian Foreign Ministry and Energy Ministry didn’t give comments.