Hague upholds $159 million claim to Ukraine for losses in Crimea

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The Arbitration Court in The Hague has upheld the claim of a number of Ukrainian companies in regard to compensation for lost business in the Crimea.

The plaintiffs were 18 legal entities and one individual. The text of the claim stated that Russia had impeded their investment in real estate on the territory of the peninsula, and then expropriated them. As reported on the website of the court, the entire affected party was awarded $159 million in payments – to be paid for by the Russian state.

Russia’s position in the proceedings was that it did not recognize the jurisdiction of the Hague court in this case. It denies misappropriation or confiscation of property that allegedly belonged to Ukraine and were transferred illegally. Moscow did not send its representatives to the trial and does not intend to implement the decision.

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Earlier, Dutch companies were threatened with a million dollar fine for their help in building the Crimean bridge. The prosecutor’s office of the Netherlands is investigating any possible violations of anti-Russian sanctions by seven local companies.

Private firms are accused of supplying equipment for the construction of the Crimean bridge, who believed that they would not be accused of violating any state-level sanctions if they were to work on the Russian side of the border. The sanctions apply to select industries, but not all business dealings with Russia.

The names of the companies are not disclosed, but previously the local press wrote mentioned Biljard Hydrauliek and Dematec Equipment. The first company provided building parts for the construction, and the second was engaged in assembling and transferring equipment to the Russian side.

If violations of anti-Russian sanctions are proven, the court can in this case rule  “undermining the territorial integrity of Ukraine.” Firms will face an 820 thousand euro fine, and natural persons – 82 thousand and up to 6 years imprisonment. The investigation is continuing.

Source Ruposters
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