On 17 May, the tribunal under the auspices of the Permanent Court of Arbitration in The Hague closed oral hearings on the jurisdiction and merits of a case initiated by seven companies of Ukraine's Naftogaz Group against the Russian Federation over alleged breaches in the Russia-Ukraine bilateral investment treaty.
From 14 to 17 May, oral hearings were held at the Peace Palace in The Hague.
Quantum was bifurcated and will be heard and considered during the second phase of the proceedings, after the first arbitral award (on jurisdiction and the merits) is rendered. This is expected in Q1 2019.
On 15 September 2017, NJSC Naftogaz of Ukraine and six subsidiaries — Chornomornaftogaz, Ukrtransgaz, Ukrgazvydobuvannya, Ukrtransnafta, Likvo, and Gas of Ukraine — submitted a statement to the tribunal claiming compensation for damages caused by the Russian Federation's illegal expropriation of the Group’s assets in Crimea.
NJSC Naftogaz of Ukraine