The decision of the Arbitration Court in The Hague in favor of Ukrainian companies is a big and not the last victory for Ukrainian businesses that suffered losses because of the annexation of the Crimea. If Ukraine wins the Crimea-related lawsuit against Russia in The Hague Arbitration Court, it can subtract any state property that belongs to Russia. Atlantic Council expert Anders Aslund said this as quoted by the Voice of America.
“According to the New York convention of 1958, the winning party has the right to collect state property pretty much anywhere in the world and western countries do apply it. The legal costs are high and it is slow, but it works”, - he said.
As previously reported, The Hague Arbitration Court had unanimously decided that Russia is responsible for violating the rights of Ukrainian investors and should compensate their companies for the losses caused by the Crimea annexation. It is noted that Russia has to pay Ukrainian companies 159 million dollars. According to the court's report, Russia was recognized responsible for violating the rights of Ukrainian investors, starting from March 21, 2014, when Russian President Vladimir Putin signed a decree on the Crimea annexation. Claims against Russia were filed by 18 Ukrainian companies and one private individual.