DTEK has said it expects the decision of the permanent arbitration court in The Hague on the claim to the Russian Federation about assets lost in Russia-annexed Crimea in the first quarter of 2020, DTEK CEO Maksym Tymchenko told journalists in Nikopol on Friday.
Tymchenko said that Russia has recognized the jurisdiction of the court in this matter.
“We are in the active stage of consideration of our lawsuit regarding Krymenergo. The Russian Federation decided to enter this process. Its position has changed: if before it did not recognize the jurisdiction of the courts considering such claims, now we are preparing for the fact that Russia will be present. Active consideration of this lawsuit is scheduled for August 2019. We expect to receive the decision during the first three months of 2020,” he said.
Tymchenko said damages amounted to “hundreds of millions of dollars.”
As reported, in September 2018, DTEK, without waiting for a response to the claim it had put forward for assets lost in Russia-annexed Crimea, began preparing a lawsuit in international courts. In November 2018, the company’s CEO in an interview with the Kyiv-based Ekonomichna Pravda ezine said DTEK filed a lawsuit in the permanent arbitration court in The Hague.
DTEK Krymenergo was the largest electricity supplier on the Crimean peninsula. It provided more than 80% of the supply of electricity in its territory.
DTEK was established in 2005 to manage the energy assets of the System Capital Management group, owned by businessman Rinat Akhmetov. DTEK is a vertically integrated company involved in the production and enrichment of coal and the generation and sale of electricity.
