The Hague Arbitration Tribunal ordered Russia to pay Kolomoyskyi $11.5 million

An arbitration tribunal in The Hague ordered the Russian Federation to pay $11.5 million in compensation to Belbek Airport LLC and Ihor Kolomoyskyi.

The ruling concerns Russia’s unlawful seizure of the airport’s property and assets following the occupation of Crimea.

It is noted that the final decision was rendered on October 1. The tribunal also allocated the costs of the proceedings between the parties. The Press Service of the Ministry of Foreign Affairs did not provide further details.

“On October 1, 2026, the Arbitration Tribunal unanimously rendered a final award in the aforementioned case,” the press release states.

The arbitration proceedings were initiated on January 13, 2015, in accordance with the Agreement between the Governments of Ukraine and Russia on the Promotion and Reciprocal Protection of Investments dated November 27, 1998.

The claimants asserted that, following the occupation of Crimea, Russia took measures that deprived them of their property, contractual, and other rights to operate the passenger terminal for commercial flights at Belbek Airport.

In an interim award dated February 4, 2019, the Tribunal affirmed its jurisdiction over the claims, confirmed their admissibility, and found that Russia had violated Article 5 of the agreement regarding the claimants’ investments.

This was followed by a separate phase of proceedings to determine the amount of compensation. Russia, which had not participated in the earlier phases, joined the case on June 7, 2019.

In its final award, the Tribunal ordered Russia to pay the claimants $11.5 million, plus interest accrued from June 16, 2014, until the date of actual payment. In addition, the Tribunal determined the allocation of arbitration costs.

The Permanent Chamber of the Arbitration Court (PCAC) announced this decision.

Kolomoyskyi alleged that the expert report had been falsified in a Kyiv court.

The European Court of Human Rights (ECHR) has begun hearing Kolomoyskyi’s case regarding the loss of his Ukrainian citizenship.