Ukraine's DTEK announces victory in Hague arbitration in a dispute with Russia over assets in Crimea

MOSCOW. Nov 2 (Interfax) - The International Court in The Hague upheld the claim of Rinat Akhmetov's DTEK against Russia regarding lost assets in Crimea, Ukrainian media reported with reference to information from the energy holding.

"The arbitration court ordered that Russia pay the Ukrainian company compensation of $267 million," DTEK reported on its Telegram channel on Thursday.

Legal proceedings regarding DTEK Krymenergo's claim against Russia have been ongoing since 2017.

According to the DTEK website, the arbitration award is enforceable in accordance with the New York Convention of 1958. DTEK also claims that it plans to initiate the process of recognition and admission to execution of the decision on the territories of those states where Russian assets are located.

The Hague Arbitration Court is considering a number of similar cases against Russia. Commenting on the arbitration decision on one of the claims regarding compensation for losses from state holding Naftogaz of Ukraine, the Russian Ministry of Justice stated that Moscow does not recognize the decision of the Hague court to admit Russia's guilt. "The Russian Federation did not participate in the relevant proceedings and does not recognize the partial decision due to the lack of arbitration jurisdiction to consider the claim of NJSC Naftogaz and others against the Russian Federation," the Ministry's press service said in a statement.

The compensation awarded by international courts in claims by Ukrainian companies for Crimea is greatly inflated, now former Russian Deputy Justice Minister Mikhail Galperin said earlier.

"There are a lot of arguments, including those related to the amount of compensation awarded, which, of course, is clearly disproportionate to the value of the property that was seized. (...) The arbitration tribunals did not have the opportunity or simply did not want to understand these amounts," Galperin said.