(1) Limited Liability Company Lugzor, (2) Limited Liability Company Libset, (3) Limited Liability Company Ukrinterinvest, (4) Public Joint Stock Company DniproAzot, (5) Limited Liability Company Aberon Ltd v. The Russian Federation
On 30 March 2023 the Permanent Court of Arbitration issued a press release announcing that on 4 October 2022 the Tribunal sitting in The Hague in PCA Case Number 2015-29 issued an Award regarding claims against the Russian Federation (“Russia”) for compensation for unlawful expropriation of the Claimants’ real estate investments in Crimea.
The arbitration was commenced in June 2015 by five Ukrainian companies against Russia 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 27 November 1998 (“the Ukraine-Russia BIT”) and in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law 1976 (“the UNCITRAL Rules”).
The Claimants alleged that Russia had breached its obligations under Articles 2, 3 and 5 of the Ukraine-Russia BIT by unlawfully expropriating their real estate investments following Russia’s invasion of Crimea in 2014.
Further information about the proceedings can be found here- 45023 (pcacases.com)
Richard Boulton KC and Rachel Oakeshott, instructed by Alexandra Underwood and Tracey Wright of Fieldfisher LLP, acted with Professor Zachary Douglas KC and Luis Gonzalez Garcia for the Claimants.