Ukrenergo communicated an official notice of an investment dispute to the Russian Federation concerning its assets in Crimea
The highest officials of the Russian Federation received official written notices from the State Enterprise “NPC “Ukrenergo” of an investment dispute under a bilateral treaty on mutual protection of investments between Russia and Ukraine.
This dispute was caused by the unlawful seizure of Ukrenergo’s infrastructure assets by the Russian Federation in the territory of Crimea.
In accordance with the treaty, Ukrenergo sent an official request for consultations and negotiations with the representatives of the Russian Federation in order to resolve the dispute. In the event that the dispute is not resolved through negotiations, the company intends to refer it to arbitration.
A six-month period for amicable settlement of the dispute provided for by the bilateral treaty on mutual protection of investments started to run when the official written notices were delivered.
“Assuming no settlement is reached, Ukrenergo will be able to initiate the arbitration proceedings. We are currently working with experts from the international law firm Covington & Burling LLP to protect the rights and interests of Ukrenergo related to the unlawful seizure of our property in the occupied Crimea by the Russian Federation”, – commented Vsevolod Kovalchuk, the head of Ukrenergo.