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International court rules Russia must pay $267 million to energy giant DTEK

by Nate Ostiller November 2, 2023 3:30 PM 1 min read
A coal supplies manager walks across the coal storage depot at the Luhansk thermal power station, operated by DTEK, in Schastia, Ukraine on March 5, 2015 (Vincent Mundy/Bloomberg via Getty Images)
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The International Court of Arbitration in The Hague ruled that Russia must pay $267 million in damages to DTEK, Ukraine's largest private energy company, the company announced on Nov. 2.

The payment is in compensation for assets in Crimea that Russia seized from the company when it illegally annexed the peninsula in 2014.

DTEK previously owned the Crimean subsidiary DTEK Krymenergo, which provided more than 80% of the power to Crimea, but it was unlawfully taken over by Russian forces following the annexation.

The legal battle against the Russian government has been ongoing since 2017.

"Today's decision marks another milestone in holding Russia accountable for its expropriation of Ukrainian investments in Crimea," said Marni Cheek, a partner at Covington & Burling LLP, who represented DTEK in the case.

The $267 million payment includes interest and court costs.

DTEK said that it plans to immediately begin the process of executing the decision and recouping its award on the "territory where Russian assets are located," but it is unclear how the ruling will be enforced, and how DTEK will receive the award.

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