Ukraine fights $104M arbitration loss over oil refinery stake

A high-stakes legal battle unfolds as Ukraine seeks to overturn a $104M penalty tied to a seized oil refinery. The outcome could reshape investment treaty disputes.

, and Administrator

2026 April 30 . 4:10 AM

1 min read

The image shows an old book with a map of the provinces of Ukraine on it. The map is detailed and... — The image shows an old book with a map of the provinces of Ukraine on it. The map is detailed and shows the various provinces and their borders. The text on the book provides further information about the map.

Ukraine's Appeal Against Arbitration Ruling to Be Heard in Coming Months

Ukraine fights $104M arbitration loss over oil refinery stake

Ukraine has filed an appeal with the Paris Court of Appeal seeking to overturn an arbitration ruling that ordered it to pay $104 million to Tatarstan's Ministry of Land and Property Relations, Global Arbitration Review reports.

The dispute dates back to 2016, when Tatarstan and its regional ministry sued Ukraine over the loss of their stake in Ukrtatnafta, the parent company of the Kremenchuk Oil Refinery. The arbitration proceedings were conducted under UNCITRAL rules in The Hague.

In 2023, the arbitral tribunal concluded that Ukraine's courts had effectively seized the ministry's share, ruling that this violated the 1998 Russia-Ukraine bilateral investment treaty. Kyiv was subsequently ordered to pay $104 million in compensation.

Ukraine is now challenging both the 2019 jurisdictional decision and the final award. The appeal is expected to be heard in the coming months. Previously, Tatneft won a similar case, securing $112 million—a ruling Ukraine is also attempting to overturn.