DTEK is awaiting early 2020 court award regarding their Russia-seized Crimean assets

Energy holding DTEK is awaiting in the first quarter 2020 that the Permanent Court of Arbitration located in the Hague will take a decision on the lost assets in the Crimea within a claim against the Russian Federation. This was stated to ExPro’s correspondent by the DTEK’s CEO Maxim Timchenko during the Nikopol Solar Power Plant opening ceremony in Dnipropetrovsk Region.

“There is an active stage of our claim proceedings concerning Crymenergo. The Russian Federation had changed its position, and decided to join the hearings on the matter. While previously Russians didn’t recognize such court decisions and their jurisdictions for review of such claims, but for now we prepared that Russian Federation will be present at the hearing”, said Mr. Timchenko.

Additionally Mr. Timchenko said that the active claim proceedings are scheduled for August 2019.

“We expect to get the court decision in the first quarter of 2020”, specified he. According to Mr. Timchenko’s assessment, the volume of damages for DTEK is hundreds million dollars.

As ExPro reported earlier, in September 2018 DTEK started the preparation for their claim against Russia because of the seizure of DTEK’s Crimean assets. In November 2018 the DTEK holding lodged a lawsuit against Russia at the Permanent Court of Arbitration in the Hague.