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Tatneft appeals refusal to enforce ruling against Ukraine

11:49 02/08/2017

MOSCOW, August 2 (RAPSI) – Russian oil company Tatneft has filed an appeal against the Moscow Commercial Court’s decision to cancel enforcement of ruling issued by the Permanent Court of Arbitration in The Hague awarding the company $112 million in the dispute with Ukraine, RAPSI learnt from the Moscow court on Wednesday.

The Moscow court believes 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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Tatneft appeals refusal to enforce ruling against Ukraine

11:49 02/08/2017 Russian oil company Tatneft has filed an appeal against the Moscow Commercial Court’s decision to cancel enforcement of ruling issued by the Permanent Court of Arbitration in The Hague awarding the company $112 million in the dispute with Ukraine.
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