“Ukraine wins a court case in Sweden against Ukrnafta shareholders: the company is to be compensated $22 millionThe Stockholm Court of Appeal has dismissed a lawsuit filed by Cypriot companies to set aside an arbitration award in the Ukrnafta
case. The shareholders will have to reimburse Ukraine over USD 22 million in legal costs with interest.”, — write: unn.ua
The Court of Appeal in Stockholm confirms Ukraine’s victory in the arbitration case brought by Ukrnafta shareholders
As reported, on January 31, 2025, the Svea Court of Appeal (Stockholm) issued an important decision in favor of Ukraine, rejecting the application of three Cypriot companies to set aside the arbitral award in the Ukrnafta case of February 4, 2021.
In 2015, Littop Enterprises Limited, Bordo Management Limited and Bridgemont Ventures Limited (LBB), which together own 40.1009% of Ukrnafta, initiated arbitration proceedings against Ukraine, claiming compensation in excess of USD 6 billion with interest.
After considering LBB’s claims, the arbitral tribunal agreed with Ukraine’s position that the tribunal lacked jurisdiction to hear the dispute, which was confirmed by the Court of Appeal of the Svea
According to the court’s decision, LBB companies are obliged to compensate Ukraine:
- USD 18.93 million of arbitration costs with interest from February 4, 2021;
- USD 2.67 million of legal costs in respect of jurisdictional proceedings with interest from 31 January 2025;
- USD 549.7 thousand and SEK 2,800 of court costs in respect of the proceedings on court costs with interest from January 31, 2025.
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