Energoatom Notifies Dispute Against Russia to Recover Damages - Press Statement - April 2023
Press Statement: In March 2023, with the assistance of prominent international legal counsel, Shearman & Sterling LLP, Energoatom delivered a notification of dispute to Russia under Article 9(1) of the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation of 1998 on the Encouragement and Mutual Protection of Investments in relation to Russia’s unlawful conduct towards Energoatom’s investments located in the region of Zaporizhzhia, including the Zaporizhzhia Nuclear Power Plant (the largest nuclear power plant in Europe and among the ten largest worldwide in terms of capacity). The written notification refers to the immense damages caused to Energoatom’s investments by Russia as a result of its military aggression against Ukraine and demands compensation for such losses. Failing an amicable resolution of the dispute, the Company intends to refer this dispute to international arbitration.
In 2021, Energoatom sent a similar notice to Russia in relation to the loss of its investments in the Autonomous Republic of Crimea.