Summary

Source: icsid.worldbank.org

Decision on Provisional Measures

I. PROCEDURAL HISTORY

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, together with exhibits C-1 to C-46, with the Centre. Smart Energy is said by the Claimants to be wholly owned by Smart Energy (Cy) Limited ("Smart Energy Cyprus"), 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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IV. DECISION

142. FOR THE REASONS STATED ABOVE:

(a) The Tribunal dismisses the Claimants' application for provisional measures;

(b) Requires both Parties to keep the Tribunal informed of any material change in any proceedings which might affect the rights of the Claimants or the integrity of the arbitration;

(c) Gives the Claimants leave to make a fresh application in the event of a material change in circumstances;

(d) Reminds both Parties of their obligation to litigate in good faith and refrain from aggravating the dispute; and

(e) Reserves the question of costs to the Award.

On behalf of the Tribunal,

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