Russia to pay US$5 billion in compensation for losses and lost property suffered by Naftogaz [the largest national oil and gas company of Ukraine – ed.] in Crimea since 2014.
Source: Naftogaz CEO Oleksii Chernyshov on Facebook
Details: Chernyshov said that this refers to compensation for assets aimed at developing gas fields and other strategically important infrastructure, which "became one of the main targets of the aggressor during the occupation of the Ukrainian peninsula nine years ago".
"I believe that this is not the last decision that will be made in The Hague in favour of our country," Chernyshov wrote.
As Naftogaz’s press service states, Russia must now comply with this decision in accordance with its obligations under international law.
Quote: "The arbitration tribunal has confirmed that Russia must fully compensate Naftogaz for the losses caused by Russia's illegal seizure of Naftogaz Group's assets in Crimea.
Arbitration awards may be enforced through an enforcement mechanism. Therefore, if Russia refuses to voluntarily comply with the court's decision, in accordance with the New York Convention of 1958, Naftogaz has the right to start the process of recognising and enforcing the decision in those states where the Russian Federation's assets are located," the company explained.
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Landsted on April 13rd, 2023 at 12:48 UTC »
To everyone commenting about the ICC… this is not the ICC. It’s not even the ICJ. In fact the Court mentioned here has nothing to do with either the UN or the other courts in The Hague. It’s just an arbitration court, meaning that both parties chose to let it settle this case.
HaronBarkonnen on April 13rd, 2023 at 12:47 UTC »
This is not the international criminal court people.
The Hague is an actual city with more courts and in this case an arbitration tribunal. This is a civil judgment.
The court did not just decide to render a judgment it was asked to because it had jurisdiction. The judgment can likely be executed domestically and abroad against Russian assets, as civil judgments are mutually recognized in many countries.
tsukaimeLoL on April 13rd, 2023 at 10:52 UTC »
You can be all negative if you want, but this is a great step. Having these legal cases helps make the case for seizing russian assets in the future to fund the rebuilding of Ukraine.