Almost not guilty

On 28 April 2011 the Arbitral Tribunal of the Arbitration Institute of the Stockholm Chamber of Commerce rejected most of the claims filed by Remington Worldwide Limited against Ukraine. The company accused Ukraine in violating the Energy Charter Treaty ratified by the Verkhovna Rada in 1998.

Consequentle, the Arbitration Tribunal approved the following:

• Ukraine violated only one provision of the Energy Charter Treaty (Provision 1, Paragraph 1, Article 10) related to creating favorable conditions for other contracting parties’ investors;
• Ukraine shall compensate USD 4,5 million to Remington Worldwide Limited instead of almost USD 36 million clamed;
• parties expenses during the arbitration proceedings shall be met by each party on its own and arbitration costs shall be shared equally by Ukraine and Remington Worldwide Limited.