Russia Ordered To Pay $159M Over Crimea Real Estate Claims

Law360 (May 9, 2018, 4:57 PM EDT) -- An international tribunal has unanimously awarded about $159 million to a group of real estate investment companies that owned properties in Crimea that were expropriated by Russia following its 2014 takeover of the peninsula, Law360 learned Wednesday.

The Permanent Court of Arbitration tribunal determined on May 2 that Russia, which did not participate in the proceeding, had illegally expropriated the companies' properties in Crimea. The approximately $159 million award includes individual compensation for the various claimants, which include Everest Estate, Edelveis-2000 PE and 17 other entities, as well as pre-award interest, fees and costs.

The properties at issue included several high-end...

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