Victoria Oil & Gas, a British oil and gas company headquartered in London, has initiated legal proceedings against Kazakhstan. The oil company accuses the country of violating the Energy Charter Treaty, an international agreement that establishes a multilateral framework for cross-border cooperation in the energy industry. The claim has been registered with the International Centre for Settlement of Investment Disputes (ICSID), according to the organization’s website.
The standoff has been ongoing since 2021, when the company first threatened to file claims for hundreds of millions of dollars due to the cancellation of a contract to develop the Kemerkol field in...