The Hague court ordered Russia to pay Naftogaz of Ukraine $5 billion in compensation for losses due to the temporary occupation of Crimea

National Joint Stock Company Naftogaz of Ukraine is a leading enterprise in Ukraine's fuel and energy sector. 

The Arbitral Tribunal at the Permanent Court of Arbitration in The Hague confirms Russia must fully compensate for the losses caused by the illegal seizure of Naftogaz's assets in the temporarily occupied Crimea —  the Naftogaz press service reports.

This is the largest amount an international arbitration tribunal awarded as compensation for Russia's forced expropriation of assets in the temporarily occupied Crimea.

Should Russia refuse to voluntarily enforce the decision in accordance with the New York Convention of 1958, Naftogaz has the right to start recognising and enforcing the decision in the territory of those states where the Russian Federation's assets are located.

Russia must also compensate the costs related to the arbitration proceedings.