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Ukraine Energy Firms Turn To Arbitrator Over Crimea Losses

Two Ukrainian energy companies that lost control of assets in Crimea when Russia seized the Ukrainian peninsula have asked a UN arbitrator to award compensation.

The case was brought in June 2015 by the two companies, Ukrnafta and Stabil, which alleged that Russia had violated its obligations under the Ukraine-Russia Bilateral Investment Treaty when it expropriated the firms' investments in petrol stations in the Black Sea peninsula.

The Permanent Court of Arbitration made the case public on May 2.

Russia says the court has no jurisdiction over the matter and has so far refused the Hague-based court's invitations to participate in proceedings.

Based on reporting by Reuters