Summary

Source: icsid.worldbank.org

Decision on Interim Relief Application

I. BACKGROUND

1. On 6 August 2025 the Claimants, Smart Energy BV ("Smart Energy"), a company incorporated under the law of the Netherlands, and PJSC Ukrgazvydobutok ("UGV"), a company incorporated under the law of Ukraine all of whose shares are said to be owned by Smart Energy, filed a request for Arbitration with the Centre. Smart Energy is said by the Claimants to be wholly owned by Smart Energy (Cy) Limited which is in turn wholly owned by Smart Holding (Cyprus) Limited ("Smart Holding"), both of which are incorporated in Cyprus. According to the Claimants, until 1 December 2022 Smart Holding was wholly owned by Mr Vadym Novynskyi but on that date he transferred his entire shareholding to two Cyprus trusts (the "Trusts").

2. The Claimants rely upon the Agreement on Promotion and Reciprocal Protection of Investments between the Kingdom of the Netherlands and Ukraine (the "Treaty") as the basis for jurisdiction.

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III. ORDER

23. FOR THE REASONS STATED ABOVE:

(a) both Parties are reminded of their duty not to take any steps which might aggravate the dispute;

(b) each Party shall immediately inform the Tribunal and the other Party of any steps it takes which might alter the ownership, or the ultimate beneficial ownership, of any of the assets with which the proceedings are concerned or affect the access of a Party to evidence which it might reasonably require to make out its case;

(c) no further measures are considered necessary at the present stage of the proceedings.

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