Swedish Supreme Court Decision Favors Ukraine, Ends Long-Running Dispute

April 9, 2026

Analysis Group Principal Jessica Resch and Senior Advisor Tim Giles were retained as quantum experts on behalf of Ukraine in a Stockholm Chamber of Commerce (SCC) arbitration brought by three Cypriot companies – Littop Enterprises, Bridgemont Ventures, and Bordo Management – related to alleged losses associated with minority shareholdings in Ukrnafta, Ukraine’s largest oil and gas producer. The claimants alleged that Ukraine breached Energy Charter Treaty (ECT) rules by capping the price at which Ukrnafta could sell gas to Ukraine’s state-owned oil company Naftogaz at a level lower than Ukrnafta’s cost of production.

Ms. Resch and Mr. Giles submitted expert reports and gave evidence during the hearing before the tribunal, which included Julian Lew, Yves Fortier, and Rodrigo Oreamuno. Their evidence focused on the quantum of damages associated with the claimed losses and addressed the impact of claimants’ alleged fraudulent activities.

The SCC tribunal declined jurisdiction over the companies’ claim on the grounds that the claimants’ investment in Ukrnafta was not protected under ECT rules. The claimants sought to annul the tribunal’s award in the Swedish courts, later requesting to appeal the lower court’s decision not to overturn the tribunal’s judgment. The Svea Court of Appeal upheld the tribunal’s decision to decline jurisdiction and ordered the claimants to pay part of Ukraine’s arbitration costs. The Swedish Supreme Court declined to hear a further appeal, bringing the long-running dispute to an end.