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 First hearing in arbitration between Ukraine and Russia regarding assets in occupied Crimea scheduled for July 11

The Permanent Court of Arbitration (PCA) in The Hague will hold the first hearing on the claims filed by Ukrnafta PJSC and Stabil LLC against the Russian Federation regarding damages inflicted by seizure of assets in temporarily occupied Crimea.

Censor.NET reports citing the press release issued by the Permanent Court of Arbitration.

As stated in the document, June 3, 2015, two arbitral proceedings were commenced against the Russian Federation pursuant to the Agreement between the Government of the Russian Federation and the Cabinet of Ministers of Ukraine on the Encouragement and Mutual Protection of Investments dated Nov. 27, 1998 ("Ukraine-Russia BIT") ― the first, by PJSC Ukrnafta and the second, by Stabil LLC and ten others.

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In their respective Notices of Arbitration, Ukrnafta and Stabil claim that, as of April 2014, the Russian Federation breached its obligations under the Ukraine-Russia BIT by interfering with and ultimately expropriating their investments in petrol stations located in Crimea.

The Russian Federation indicated that it "does not recognize the jurisdiction of an international arbitral tribunal at the Permanent Court of Arbitration in settlement of Ukrnafta's and Stabil's claims despite the fact that two tribunals comprised of the same members were constituted in the two cases Oct. 7, 2015 and the Tribunal held a first hearing by teleconference in respect of both cases Dec. 3, 2015. The claimants in both cases and the Russian Federation were invited to participate.

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As foreseen in the procedural timetable, the Tribunal posed questions to the Parties with respect to issues of jurisdiction on April 22, 2016. The Parties' answers to the Tribunal's questions are due by 3 June 2016. A hearing on issues of jurisdiction has been scheduled to take place on 11 July 2016.

 
 
 
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