Ukraine’s Naftogaz Announces $5 Bln Lawsuit Win Against Russia – The Moscow Times
Ukraine’s Naftogaz announces $5 bln lawsuit win against Russia
On Tuesday, the National Power Supply Enterprise of the People’s Republic of Ukraine (Naftogaz) announced that it had won a court case against the Russian energy giant Gazprom. The lawsuit, filed in early 2017,La vie de Gazprom. The company had accused Naftogaz of providing false information to the Russian gas company in order to win a contract to supply gas to Moscow. The lawsuit was seen as a public relations victory for Naftogaz, which has been struggling to get its act together since the previous government disbanded the sector-led Naftogaz organization.
Court case against Gazprom another victory for Naftogaz
However, the victory isn’t the only positive outcome for Naftogaz this year. In late November, the company announced that it had reached an agreement with VNEF, the state-owned Petersburg energy company, to buy power from VNEF’s subsidiary, Sergey Grachev Power. Under the agreement, Naftogaz will purchase 1,500 MW of electricity from Sergey Grachev Power, which will give the company an additional 750 MW of power to sell. Additionally, Naftogaz has agreed to pay Grachev Power a total of $5 bln, which will help the company improve its energy efficiency.
Naftogaz’s struggle continues but continues to be a positive ray of sunshine in the company’s recovery.
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1. Naftogaz of Ukraine beats Russia in lawsuit seen as unrecognized
Naftogaz of Ukraine has won a major lawsuit against Russia over a dispute that dates back to the annexation of Crimea in 2014. The Stockholm Arbitration Tribunal has ruled that Russia must pay the Ukrainian state-owned energy company $4.6 billion in compensation. The dispute began after Russia increased the price of gas being supplied to Ukraine in retaliation for the country’s decision to seek closer ties with the European Union.
This ruling marks a significant victory for Naftogaz and Ukraine, as it highlights Russia’s violation of international law. Furthermore, the decision serves to demonstrate that Russia’s actions in Crimea have not gone unnoticed and hold severe consequences. As international sanctions continue to weigh heavily on the Russian economy, this ruling further undermines Russia’s ability to continue its aggressive policies in the region.
- Key takeaways:
- Naftogaz of Ukraine has won a major lawsuit against Russia for $4.6 billion
- Russia had increased the price of gas to Ukraine as retaliation for seeking closer ties with the EU
- The ruling highlights Russia’s violation of international law and serves as a warning to its aggressive policies
2. suing Russia for $5 billion?
What’s the background?
After the fall of the Soviet Union, several foreign companies invested in its transition towards democracy, investing significant amounts of money. However, as the Russian Government tightened its hold on the country’s resources, and targeted foreign businesses for profit, several of these foreign investors had to sell their assets for a fraction of their actual value or simply abandoned them. This resulted in almost 100 foreign investors filing lawsuits against the Russian Federation in a variety of forums.
What’s happening now?
One such case, which began in the Netherlands, and has since been moved to France, has resulted in a $5 billion lawsuit being brought against Russia by various foreign investors. The lawsuit alleges that the Russian Federation illegally seized the assets of Yukos Oil, in which they had invested, and have failed to pay them compensation. The suit is now gaining traction, with investors claiming that Russian assets in different countries should be seized in payment. The case is being viewed as a test for foreign investment protection in Russia and the ability to hold the country responsible for protecting international laws.
3. Naftogaz keeps up the fight
Naftogaz isn’t standing down in the face of challenges, and recent news proves that they’re keeping up the fight befittingly. Here’s what they’ve been up to:
- Naftogaz has persevered in its dispute with Gazprom, one of its longstanding rivals. The two held counterclaims over gas supplies through a contract, but Naftogaz came out victorious in a recent arbitration case.
- Naftogaz has also been diligent in efforts to maintain its own oil and gas industry, recently announcing a project to explore up to 7 gas fields in a remote region of Ukraine. This project aims to develop the energy sector and further push Ukraine towards energy independence.
- Apart from internal efforts, Naftogaz is also committed to environmental and social responsibilities. In 2020, it signed an agreement with the state environmental inspectorate to ensure resource use complies with environmental regulations, while continuing its #TakeCare social program, providing support to communities in need.
Through these efforts and more, Naftogaz keeps its profile steady and its presence significant. They’re not backing down and continue to hold true to mission and values.
4. Russia|||| || Naftogaz
4. Russia |||| Naftogaz
In recent years, the relationship between Russia and Ukraine’s Naftogaz has been fraught with tension. Here’s a roundup of some of the key events:
- 2014: Russia annexes Crimea from Ukraine
- 2015: Naftogaz files a lawsuit against Russia’s Gazprom in a Stockholm arbitration court over natural gas pricing disputes. Naftogaz wins the case and is awarded $2.6 billion in compensation.
- 2018: Russia threatens to cut off gas supplies to Ukraine, leading to fears of a gas shortage in Europe. Naftogaz accuses Russia of using gas as a political weapon.
- 2019: Naftogaz announces that it has signed a deal to buy natural gas from Russia’s Gazprom for the first time in three years. The deal, which expires in December, is seen as an attempt to diversify Ukraine’s gas supplies.
The ongoing conflict between Russia and Ukraine has had far-reaching implications for Naftogaz, which is one of Ukraine’s largest companies, and for the wider energy market in Europe. As tensions continue to simmer, it remains to be seen what the future holds for this troubled relationship.
Ukraine’s Naftogaz Announces $5 Bln Lawsuit Win Against Russia – The Moscow Times
Ukraine’s Naftogaz announces $5 bln lawsuit win against Russia
Naftogaz, energy company of Ukraine, has announced a $5 bln lawsuit win against Russian energy company Gazprom. The suit is an attempt to stop Gazprom’s Kyiv-based Naftogaz from paying directly to Gazprom members in foreign currency, as allowed by the Naftogaz-Gazprom gas cooperation Agreement.
The Naftogaz-Gazprom gas cooperation Agreement was signed in 2009, after Russia’s investment in the Naftogaz company raised doubts about Kremlin’s commitment to Ukrainian energy security. The $5 bln lawsuit win against Gazprom is potentially the biggestaction yet by Naftogaz in its effort to secure damages from Gazprom.
Naftogaz’s $5 bln lawsuit win against Gazprom comes as the Ukrainian government wrestle with its own debt crisis, which has led to mass job losses and a decline in the Ukrainian Peso’s value. The Naftogaz company has struggled to keep up with the payments on its $35 bln worth of external debt, which was restructured in February 2014.