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Ukraine's Naftogaz sues Russia over lost assets in Crimea

Xinhua, October 19, 2016 Adjust font size:

Ukraine's state-run energy company Naftogaz said Wednesday it has filed a lawsuit against Moscow over the assets lost in Crimea following the peninsula's absorption into Russia.

Under the arbitral proceedings, Naftogaz and its six subsidiaries are seeking to get at least 2.6 billion U.S. dollars as compensation from Russia for the lost assets, the Ukrainian energy company said in a statement without specifying which court is considering the case.

Naftogaz said that the lawsuit was filed under the Ukraine-Russia intergovernmental investment agreement signed in 1998. The treaty envisages that Kiev and Moscow may sue each other in the International Court of Justice if they fail to settle a dispute through negotiations within six months.

Kremlin spokesman Dmitry Peskov declined to comment on the Naftogaz claim, saying the issue needs to be addressed by lawyers.

The autonomous republic of Crimea and the city of Sevastopol were absorbed into Russia in March 2014 following a referendum, which was recognized by Moscow but rejected by Kiev.

According to the Ukrainian Foreign Ministry, Kiev lost control over 400 Ukrainian enterprises and 18 gas fields located in Crimea following the peninsula's incorporation into Russia. Endi