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Swiss Court Orders Russia To Pay Ukraine Oil Firm $44 Million For Crimea Investments

The Supreme Court of Switzerland has ruled in favor of Ukraine’s state majority-owned Ukrnafta oil production company to recover $44 million in investments from Moscow that were lost as a result of Russia’s annexation of Crimea.

Ukrnafta said in a news release on December 18 that the judgment came six days earlier and stems from Russia appealing an unfavorable ruling on April 12 by an international arbitration tribunal for the same amount.

In addition, the Swiss Supreme Court ordered Russia to pay 155,000 Swiss francs ($158,000) in court expenses to Ukrnafta, Ukraine’s largest oil-producing company.

“The judgment of the Supreme Court of Switzerland of December 12, 2019, is final and is not subject to appeal. This decision puts an end to the attempts of the Russian Federation to deprive Ukrnafta PJSC of the opportunity to obtain compensation for investments expropriated in the Autonomous Republic of Crimea,” the Ukrainian oil company said.

Russia forcibly wrested control of Crimea from Ukraine in 2014.

Ukrnafta is majority owned by state-owned Naftogaz and 42 percent of its shares are owned by a group of companies affiliated with Ukrainian billionaire Ihor Kolomoyskiy.

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