Russian aluminum giant UC RUSAL has filed a suit to the International Center for Settlement of Investment Disputes (ICSID) demanding Ukraine to redeem the company’s investment in Zaporozhye Aluminum Complex, a RUSAL representative reported.
“Affiliates of RUSAL have turned to the ICSID with a request to compensate for the investment in Zaporozhye Aluminum Works. The defendant under the claim is Ukraine. RUSAL expects that legitimacy of affiliates’ demands will be confirmed by the arbitration court”, the representative said.
Earlier the company said in a statement that it and its affiliates Emergofin B.V. and Velbay Holdings Ltd. had filed the request.
Earlier in October Ukraine put some affiliates and employees of RUSAL on its sanctions list, saying they were a threat to Ukraine’s integrity and security. RUSAL said the accusations were unjustified and only an attempt to expropriate Zaporozhye Aluminum Works in favor of the country.
In 2015, RUSAL filed a suit to the European Court of Human Rights against the March 2015 decision of Ukraine’s Supreme Court to transfer a 68.01% stake in the plant with annual production capacity of 110,000 tons of aluminum, to the country. (Prime/Ukrainian metal)
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