The hearings in the territorial dispute between Guyana and Venezuela will begin on May 4 in The Hague, as announced by Guyana’s Attorney General, Mohabir Anil Nandlall.

The official explained that “the International Court of Justice will begin hearings on the merits of the case that Guyana filed against Venezuela regarding the territorial dispute over the Essequibo, a large territory administered by Georgetown and claimed by Caracas.”

According to Nandlall, international lawyers representing Guyana will participate in the hearings in The Hague.

The 1899 Paris Arbitration Award granted sovereignty over the Essequibo territory to what was then British Guiana. The Essequibo is a border territory of approximately 160,000 square kilometers, rich in oil deposits and natural resources.

Venezuela declared the award null and void and signed the 1966 Geneva Agreement with the United Kingdom, which established a commission to resolve the historical dispute. However, this commission never materialized.

M.Pino

Source: notitarde

(Reference image source: Sasun Bughdaryan on Unsplash)

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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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