The Permanent Court of Arbitration in The Hague issued a landmark ruling ordering Russia to pay a record $5 billion in damages to Naftogaz, the state-owned Ukrainian energy company. The ruling stems from the confiscation of Naftogaz’s assets on Ukraine’s Crimean peninsula, which has been occupied by Russia since 2014.

Despite the obstacles raised by Russia in the legal process, the Permanent Court of Arbitration ruled that the Russian Federation must compensate Naftogaz for the confiscation of its assets in Crimea in 2014, the company itself announced in a statement.

The compensation awarded by the court is the highest ever awarded by this international arbitration institution, which was established in 1899 by numerous governments to settle disputes and disagreements between states. More than 120 countries, including Russia, are part of this court, and the compensation was calculated based on the market value of the assets expropriated from Naftogaz at the time of Russia’s annexation of Crimea.

In case Russia does not comply with the court decision, Naftogaz has the option to initiate another procedure to request the embargo of Russian assets in countries that respect the court rulings. This ruling represents an important milestone in the resolution of the dispute between Ukraine and Russia, and highlights the importance of international arbitration as a mechanism to resolve conflicts between States.

K. Tovar

Source: Descifrado

(Reference image source: file)

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The World Bank estimated the damage caused by the earthquakes that devastated southeastern Turkey earlier this month at about $34 billion. However, the institution warns that the real cost of reconstruction could double that figure.

The World Bank report notes that damage to residential buildings accounts for more than half of the estimated costs and that around 1.25 million people were temporarily homeless due to the quake. In addition, the institution warns that the replicas could further increase the cost estimates.

The World Bank has already announced an initial aid package of $1.78 billion to assist rescue and reconstruction efforts in the affected area.

The quakes, with magnitudes 7.7 and 7.6, caused more than 44,000 deaths in Turkey and nearly 6,000 in Syria, which was also hit by the quakes. The natural disaster has had a significant impact on the local economy, so the authorities are working hard to recover the area and provide support to the victims and affected communities.

The extent of the damage and loss of life is a major concern for the international community, which has come together to support the region and help people recover from the tragedy. The World Bank is committed to providing the assistance necessary for the region to recover as quickly as possible.

K. Tovar

Source: Descifrado

(Reference image source: Çağlar Oskay, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

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