Russia to pay Ukraine’s DTEK $267m for Crimea assets
The International Court of Arbitration in The Hague has ordered Russia to pay DTEK Ukraine USD 267 million in damages, including interest and legal costs to the date of the award, the seized assets in the Russian-annexed Crimea.
The lawsuit filed by DTEK Krymenergo, the Crimean office of Rinat Akhmetov’s company, against Russia has been ongoing since 2017.
"Today's award marks another milestone in holding Russia accountable for its expropriation of Ukrainian investments in Crimea," said Marney Cheek, a partner at Covington & Burling LLP, which represented DTEK in the case.
The award is enforceable under the 1958 New York Convention, with DTEK planning to immediately initiate the process of recognising and enforcing the award in the countries where Russia's assets are located.
Before the occupation of Crimea, DTEK owned DTEK Krymenergo, an energy distribution and supply company.
The occupation authorities seized control of the company's assets from the rightful owner after Russia occupied Crimea in 2014.