On 24 March 2021, Misen Energy AB (publ) and its partially owned subsidiary Misen Enterprises AB (collectively "Misen") filed a Request for Arbitration under the Washington Convention and the Rules of the International Centre for Settlement of Investment Disputes (ICSID). ICSID is an international organization that is part of the World Bank Group, headquartered in Washington, D.C., in the United States.
Misen will determine the precise amount of the compensation with quantum experts and specify the amount claimed in its Memorial in the ICSID arbitration. Misen will inform the market accordingly.
As previously reported, Misen's claims against Ukraine relate to Ukraine's breaches of Misen's rights - and the ensuing damage to Misen's investment in Ukraine - resulting from the imposition of a 70% subsoil use charge for the production of natural gas from depths of up to 5,000 meters.