Hague Arbitration Tribunal Orders Russia to Pay $11.5 Million to Kolomoisky and Belbek Airport for Expropriated Crimean Assets
The Hague Arbitration Tribunal has ordered Russia to pay $11.5 million in compensation to Ihor Kolomoisky and his controlled company, LLC "Belbek Airport," for the illegal seizure of property and assets following Russia's occupation of Crimea. Kolomoisky had a contract until 2020 to manage the passenger terminal of Belbek Airport, which was based at the Belbek military airfield near Sevastopol. The Permanent Court of Arbitration (PCA) made this decision, unanimously ruling that Russia violated investor rights due to the occupation of the Crimean peninsula. In addition to the principal sum, Russia is also required to pay interest accrued since June 16, 2014, until the actual execution of the decision. The arbitration proceedings began on January 13, 2015, based on an intergovernmental agreement between Ukraine and Russia on the promotion and mutual protection of investments, concluded on November 27, 1998. The tribunal confirmed its jurisdiction over the claims in February 2019, affirming their admissibilit...
