The case for 700 million dollars against Ukraine has been closed

• The case was closed due to the non-payment of the arbitration tribunal's fees.
• The claim was related to the bankruptcy of the airline Aviasvit.
• The Kolomoisky company was trying to shift the liability to the state.

This is reported by Interfax Ukraine, Ukrinform.

The international arbitration tribunal ultimately closed the case filed by Gilward Investments B.V., associated with the Ukrainian oligarch Igor Kolomoisky, against Ukraine. The case was closed due to the non-payment of the arbitration tribunal's fees, as reported by the Ministry of Justice of Ukraine on September 8, 2025.

The claim, filed in 2015, concerned demands for compensation in the amount of approximately 700 million dollars. The basis of the claim was allegations of illegal actions by Ukrainian government authorities, which allegedly led to the bankruptcy of the airline Aviasvit. The claimants cited restrictions on access to international aviation markets, granting exclusive rights to competitors (MAU) without regulatory selection, the lack of a state asset fund, the expropriation of land parcels at Boryspil Airport, delays in VAT refunds, and interference in bankruptcy procedures.

In 2017, at Ukraine's request, the tribunal agreed to split the case into two phases: legal and substantive. In April 2022, the proceedings were suspended due to the full-scale invasion of Russia, but in May 2023, they were resumed.

In March 2024, the Ministry of Justice, along with legal counsel, submitted a response, arguing that the bankruptcy of "Aerosvit" was a consequence of internal financial insolvency and ineffective management, rather than state interference. Throughout 2024, the parties exchanged documents within the framework of the evidence disclosure stage. However, the claimant did not provide all requested documents, citing the tribunal's instructions.

In July 2024, the tribunal established a procedural timeline for further actions, but the claimant repeatedly requested extensions, citing the absence of access to Kolomoisky, who at that time remained under guard in Ukraine. The Ministry of Justice provided evidence that the claimant's representatives had limited access to him.

Regardless of the delays, the tribunal ordered both parties to pay the arbitration fees in the amount of 150 thousand dollars by December 12, 2024. Since the claimant did not pay this fee, the proceedings were suspended in January 2025, and subsequently, the case was closed.

In Ukraine, the case was represented by the international law firm Latham & Watkins LLP and the national firm Sayenko Kharenko.

Tags: Ukraine/Politics