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Supreme Court Upheld the Decision on Recovery of USD 12 mln in Favor of JKX Oil & Gas Plc

News date: 19 December 2019

On 21 November 2019 the Supreme Court upheld the Decision of Kyiv Court of Appeal on recognition and enforcement in Ukraine of the Arbitral Award of the Permanent Court of Arbitration in London dated 6 February 2017 on the recovery by Ukraine of losses exceeding USD 12 mln in favor of JKX Oil & Gas Plc.

Ilyashev & Partners Law Firm represented the interests of JKX Oil & Gas Plc both in the Supreme Court and in Kyiv Court of Appeal. The project was handled by the attorneys-at-law Andrey Bychkov, Oleksandr Denysenko and Oleh Trokhymchuk under supervision of the Senior Partner Roman Marchenko.

Let us remind that the losses were incurred as a result of violation by Ukraine of its commitments under the Agreement between the Government of Ukraine and the Government of the United Kingdom of Great Britain and Northern Ireland on Promotion and Mutual Protection of Investments signed on 10 February 1993.

“The decision is final and shall have immediate effect. This is definitely a positive signal for foreign investors. Yet, however, the final conclusion on how effectively Ukraine fulfills its international obligations on protection of foreign investment can only be made by the results of the actual enforcement of this decision. Further actions of the state authorities pertaining to the payment of the amounts awarded to our client will be indicative of Ukraine’s ability to provide international business with adequate protection in its territory”, – commented on the decision Roman Marchenko, the Senior Partner of Ilyashev & Partners.

JKX Oil & Gas PLC is engaged in exploration and production of oil and gas in the European and North American countries. The company is listed on the London Stock Exchange. JKX Oil & Gas PLC has been operating in Ukraine since 1994.