Latest development Dec 12, 2019
The Swiss Federal Supreme Court dismissed Russia’s application to set aside the award.
The award
- Amount awarded
- $44.46M in compensation, plus interest from April 22, 2014 and more than $3.5M in arbitration costs (Ukrnafta’s figures). Claimant’s counsel put the award at about $53.7M including pre-award interest and costs.
- Current estimate
- About $53.7M including pre-award interest and costs (Hughes Hubbard, 2019), before post-award interest.
- Award holder
- PJSC Ukrnafta
- Respondent
- Russian Federation
- Forum
- PCA Case No. 2015-34 · Russia–Ukraine BIT · UNCITRAL · seat Geneva
Challenges
The Swiss Federal Supreme Court dismissed Russia’s challenge to the tribunal’s 2017 jurisdiction decision on October 16, 2018. On December 12, 2019, it dismissed Russia’s application to set aside the final award and ordered Russia to pay CHF 155,000 toward Ukrnafta’s costs. That judgment is final.
Enforcement
No recognition or enforcement proceedings were found (U.S. federal dockets checked).
Recovered to date
None reported
Notes
The award is not public. The amount comes from Ukrnafta’s statement and press reports. Sources differ on the date of the 2017 jurisdiction decision (March or June 2017). No payment, enforcement step, or settlement was found.