The execution of awards of international arbitration courts issued not in favor of a state, in particular, the Russian Federation, remains difficult, Senior Lawyer of EVRIS Law Firm Maksym Zamikhovsky has said. “What unites Yukos, Crimea and Franz Sedelmayer? The awards of international arbitration courts to recover compensation for the actual expropriation of investments and assets of nonresident claimants from the Russian Federation, but another aspect unites all three lawsuits – the problematic recognition and enforcement of arbitral awards against the state,” he told the Kyiv-based Interfax-Ukraine news agency.
The lawyer said that, in particular, one of the complexities of execution of these awards is challenging the competence of the arbitration itself, which may entail the cancellation of its award on formal grounds.
“This is exactly what happened in the Yukos case and, probably, will be undertaken by the Russian Federation in a dispute with the owners of Crimean assets,” he said.
Zamikhovsky said that since the basis for applying to arbitration court is the relevant bilateral agreement between states or an international treaty, the Russian Federation uses a different interpretation of the terms “foreign investment”, trying to prove the absence of this element.
“For example, in the Yukos case the thesis of the internal nature of the dispute applied, since the beneficiaries of the plaintiffs are citizens of the Russian Federation. As for the Crimean assets, the Russian Federation does not recognize foreign investments, believing that they were committed by residents of Ukraine and on its territory.
“The fact of the subsequent expropriation of the assets of the Russian side in this case is silent,” he said.
At the same time, the lawyer said that the second, more large-scale obstacle is the concept of sovereign immunity, according to which recovery from the state without its consent is not allowed. However, immunity does not apply to disputes in which the state acts as a “private person” (jure gestionis), as well as cases where there is consent to its withdrawal.
“The question whether the ratification of the international treaty on investment protection is consent to possible enforcement of arbitration awards, due to violation of its terms, remains controversial. The answer to it will either fill the arbitration awards with real force, or make them no more than a beautiful declaration,” the lawyer said.
The Antimonopoly Committee of Ukraine has approved the purchase of a controlling stake in Dymerka Solar Poland (Poland) by ACCIONA Energia Global (Poland, the subsidiary of the eponymous company in Spain), the press service of the committee has reported.
Dymerka Solar Poland was registered to implement a project of UDP developing group (Kyiv) to expand the capacity of Dymerka solar power plant (Kyiv region) from 6 MW to 57.6 MW.
As reported, UDP from UFuture investment group has arranged a joint project to expand Dymerka solar power plant with Spain’s ACCIONA Energia Global. It is planned that the Spanish company will invest EUR 54.7 million.
Majority shareholder of UDP is Ukrainian businessman Vasyl Khmelnytsky.
ACCIONA ENERGIA'S, ANTIMONOPOLY COMMITTEE, PROJECT, SOLAR POWER PLANT, UDP
Ukraine is ready to broaden cooperation with G7 member states on many issues, ranging from security to gender equality, Ukrainian Prime Minister Volodymyr Groysman told Canadian Foreign Minister Chrystia Freeland at a meeting. “We are grateful for the support for Ukraine at talks with international partners and for measures to counter the Nord Stream 2 gas pipeline project,” the government’s website cited Groysman as saying.
Groysman and Freeland met on the sidelines of the second Ukraine Reform Conference in Copenhagen during the Ukrainian prime minister’s visit to Denmark. The sides signed a bilateral energy cooperation document, in particular, with participation of Canada’s ICORE NFP.
One troy ounce=31.10 grams
Ryanair, the largest European low-cost airline, will launch a new flight from Kyiv to Bydgoszcz, the administrative center of Poland’s Kuyavian-Pomeranian Voivodeship, on October 31.
“+1 Ryanair flight from Boryspil to Poland as soon as this fall. In total, there are 17 directions handled by this company between Ukraine and the EU, and this fall there will be pleasant surprises from Europe’s No. 1 carrier!” Ukrainian Minister of Infrastructure Volodymyr Omelyan wrote on Facebook on June 26.
According to Ryanair’s booking system, flights to Bydgoszcz will be carried out twice a week – on Wednesdays and Sundays. Currently, prices start from EUR22 (one way).
Taking into account this route, Ryanair offers flights from Kyiv to six Polish cities and one destination to Germany, Spain, Lithuania, Slovakia, the United Kingdom and Sweden each, as well as two routes from Lviv to Germany and Poland each, and one to the United Kingdom.
