MOSCOW – The Paris Court of Appeals has upheld two arbitration decisions obliging Ukraine to pay $112 million and interest to PJSC Tatneft (the Russian Federation), according to Tatneft’s website.
As reported, Tatneft started arbitration proceedings against Ukraine in 2008 according to the Russian-Ukrainian agreement on encouragement and mutual protection of investment because of the situation with Ukrtatnafta.
In 2010 the arbitration court unanimously confirmed its jurisdiction to consider the dispute. In 2014 the court ruled in favor of Tatneft and obliged Ukraine to pay compensation in the amount of $112 million and plus interest to the Russian company. In the same year, Ukraine initiated proceedings in the Paris Court of Appeals to abolish these two rulings, stating the court members had no jurisdiction to consider the dispute and one of the arbitrators did not comply with the requirements of independence and impartiality.
“On November 29, 2016 the Paris Court of Appeals rejected both arguments of Ukraine and confirmed the validity and enforceability of the two rulings,” reads a statement by Tatneft.
