Ukraine puts on an Armor against Russia in International Courts

After the capture of the Black Sea peninsula of Crimea from Kiev, Russia now aims to takeover major banks, shipyards and hotels.

Legal representatives from Kiev are putting up a fight, in the court in The Hague. They have filed numerous law suits worth $10 Billion (Euro). The Justice Minister also plans to files lawsuits in (UN) International Court of Justice.

Presently the Case of the State Savings Bank of Ukraine (Oschadbank), is of great importance. The Oschadbank is seeking $1 billion (0.9 Billion Euros) compensation for “total destruction of investment in Cremia”. Though Kiev doesn’t believe that a judgment in their favor would set a great precedent, however they according to them an investment treaty award maybe used to persuade authorities in other cases. Also in line is Ukrainian Company Naftogaz, who is seeking $26.6 billion for failure to pay and other unaccounted billing. On the other hand Russian Energy Giant Gazprom is demanding $38.7 billion from Naftogaz for nonpayment of contracted gas.

Ukraine missed its December, 2015 deadline to pay back the IMF. Presently though the IMF has made changes in its rules to continue their relationship with Ukraine the IMF aids are suspended dude to Ukraine’s inability to curb the graft. Though the compensation might not be enough Ukraine is making attempts to gain control both in the political and economic scenario.ess.org: Post Formats

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