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Ukraine Must Pay to a British Investor USD 12 mln to Recover Losses

News date: 15 July 2019

On 5 July 2019 the Kyiv Court of Appeal satisfied a motion filed by the British company JKX Oil & Gas PLC for recognition and enforcement in Ukraine of the arbitral award of the Permanent Court of Arbitration in London dated 6 February 2017 on the recovery of losses exceeding USD 12 mln.

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 court has flawlessly clarified the situation and established the violations on the part of the State when charging rent for oil and gas extraction, as well as during capital control and ensuring free trade in natural gas on the Ukrainian market, – commented on the award Roman Marchenko, the Senior Partner at Ilyashev & Partners, which represents the claimant’s interests. – By its decision the Kyiv Court of Appeal recognized and permitted the enforcement of the aforementioned arbitral award”.

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.