The court ordered Russia to pay damages in the amount of $267 million to the Ukrainian company. The arbitration award is enforceable in accordance with the 1958 New York Convention.
The International Arbitration Court in The Hague fully upheld DTEK’s claim against the Russian Federation regarding seized assets in annexed Crimea, the company’s press service reported on Thursday, November 2.
Specifically, the court ordered Russia to pay damages to DTEK in the amount of $267 million. The amount includes interest and legal costs to the date of the decision. Interest will continue to accrue until the full amount of the damage is paid.
DTEK noted that the arbitration award is subject to enforcement pursuant to the New York Convention of 1958.
“DTEK plans to immediately begin the process of recognition and entry into the implementation of the decision on the territory of the states where Russian assets are located,” Akhmetov’s company said.
Before the annexation of Crimea, DTEK owned the energy distribution and supply company DTEK Krymenergo. Russia seized control of the properties after annexing Crimea in 2014.
“Russia should be under constant pressure – sanctions, legal, on the battlefield. For our part, I and all my enterprises will do everything possible for this. 24/7 we will work to ensure that the enemy will be brought to justice and pay for the unleashed war, for every crime against Ukraine and Ukrainians, for the violation of international law. The decision of the International Arbitration Court indicates that the justice system in world is on the side of truth and justice. I believe in justice and I know for sure that only now the first step has been taken towards ways to restore the right order in the world. And we will follow this path until Russia answers the all Ukrainians for the evil it brought to our country,” Rinat Akhmetov commented on the court’s decision.
Let’s recall that in 2018, DTEK filed a case in The Hague regarding energy assets in the annexed Crimea, and in 2022 – in the ECHR with a list of assets destroyed or seized after the mass invasion of Russia.
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I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.