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Arbitration orders Ukraine to pay $144 mln to Russian oil company

March 01/ 09:23

Stavropol. The Arbitration Court of the Stavropol Region rules  to enforce the award of the international commercial arbitration under the claim filed by the Russian oil producer Tatneft on recovery of $144 mln from Ukraine in the Russian company’s assets loss case, TASS reports from the court room.

"To recognize and enforce the arbitration award issued on July 29, 2014 by the international commercial arbitration <...> in the action of Tatneft against Ukraine," the judge said.

Tatneft expects that Ukraine will perform the decision taken by the international court in the Ukrtatnafta case, Chief Executive Officer of the Russian oil producer Nail Maganov told TASS earlier.

The international commercial arbitration in Paris ruled in 2014 that Ukraine should pay $112 mln plus interest (a total of about $146 mln) to Tatneft for the loss of a stake in Ukrtatnafta in 1990s. In spring of 2017, Tatneft filed relevant complaints to the Arbitration Court of Moscow, the High Court in London and the Court of Columbia District in the US. The High Court of London satisfied the application of Tatneft and turned down the appeal filed by Ukraine.

In April 2017, Tatneft filed an application to the Arbitration Court of Moscow for recognition and enforcement of the international court’s award in its dispute with Ukraine. The Moscow Arbitration Court turned over the action for consideration by the Arbitration Court of the Stavropol Region.

About dispute

In 1994, Tatneft entered the capital of the Ukrtatnafta company that was created on the basis of the Kremenchug refinery. Then the company and related entities and government of Russia’s Tatarstan Republic owned 55.7% of the shares of the enterprise. The rest was owned by Naftogaz of Ukraine and the affiliates of the Privat group of Igor Kolomoisky.

In 2007, the company lost control over the enterprise, the share shrank to zero as a result of various legal disputes. The companies close to the Privat Group took control over Ukrtatnafta, told TASS.

Tatneft initiated arbitration proceedings in 2008.

 

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