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Ukraine turns to Russian Supreme Court over $112 million dispute with Tatneft

16:59 17/10/2017

MOSCOW, October 17 (RAPSI) – Ukraine’s Justice Ministry has filed a complaint with Russia’s Supreme Court over the country’s $112 million dispute with Tatneft oil company, according to court records.

In late August, the Moscow District Commercial Court overruled a lower court’s decision to cancel enforcement of the ruling issued by the Permanent Court of Arbitration in The Hague awarding the company $112 million in the dispute with Ukraine. The case was sent for another review by the Moscow Commercial Court. Ukraine demands to vacate this decision.

Earlier, the Moscow Commercial Court stated that the company has a right to file a petition with a Russian commercial court seeking enforcement of a foreign court’s ruling only if the commercial court in question has effective jurisdiction granting it right to actualize the ruling. According to the court, Tatneft did not provide evidence proving existence of other party’s property on the Russian territory that can be recovered.

Tatneft, based in Russia’s Republic of Tatarstan, claimed forcible takeover of Ukrtatnafta and seizure of its shares. In May 2008, the company took its case to a tribunal administered by the Permanent Court of Arbitration in The Hague.

In the summer of 2014, the tribunal ruled that Ukraine had broken the bilateral investment treaty with Russia and awarded compensation of $112 million plus interest over the Ukraine's Kremenchug oil refinery (Ukrtatnafta).

Ukraine’s authorities have challenged the ruling, but the Court of Appeal of Paris dismissed the appeal in November 2016.

In March 2017, the Russian company filed a motion with the U.S. court seeking to confirm arbitral award and enter the judgment in its favor. According to Tatneft, the amount of debt plus interest reached $144 million.

Later, Tatneft filed similar motions with the High Court in London and the Moscow Commercial Court.

This July, Ukraine filed a motion with the U.S. District Court for the District of Columbia asking to dismiss the enforcement petition of Tatneft.

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Ukraine turns to Russian Supreme Court over $112 million dispute with Tatneft

16:59 17/10/2017 Ukraine’s Justice Ministry has filed a complaint with Russia’s Supreme Court over the country’s $112 million dispute with Tatneft oil company.
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