High Court of England recognizes it possible to recover $144 million from Ukraine on Tatneft lawsuit

KyivPost 7
Popular on social media

The High Court of Justice of England and Wales has recognized it possible to recover $144 million from Ukraine in favor of Russia’s Tatneft, according to the prospectus of Ukraine’s issue of eurobonds.

Ukraine received information about such a decision of the High Court of England on July 25, it could be contested within 22 days.

As reported, Tatneft began arbitration proceedings against Ukraine in 2008 in accordance with the Russian-Ukrainian agreement on the promotion and mutual protection of investments due to the situation with Ukrtatnafta.

Ukrtatnafta was established in accordance with the decrees of the presidents of Ukraine and Tatarstan in 1994 on the basis of Kremenchuk oil refinery. Earlier 18.296 percent of shares in Ukrtatnafta belonged to the structures close to Tatneft, the Ministry of Property of Tatarstan owned 28.7788 percent of the shares, another 8.6 percent belonged directly to Tatneft. However, as a result of legal proceedings in Ukraine, the share of Tatarstan shareholders in the refinery was practically annulled, and new shareholders close to Privat Group of Ihor Kolomoisky and Hennadiy Boholiubov appeared at the plant.

Found a spelling error? Let us know – highlight it and press Ctrl + Enter.