Kyiv Court of Appeals Upholds Claim by Oshchadbank Against Russia
The bank filed a claim against Russia after the illegal annexation of Crimea
Photo from Ukrinform – UATV
The Kyiv Court of Appeal upheld a claim of Oshchadbank and gave permission pursuant to the decision of the International Commercial Arbitration Court to recover from the Russian Federation $1.1 billion as compensation for the expropriation of assets in Crimea.
“Having studied the case files, the Court rules that the claim can be upheld,” the court ruling reads, reports Ukrinform.
On July 17, 2019, the Court upheld the claim of the State Savings Bank of Ukraine, Oshchadbank, and gave permission pursuant to the decision of the International Commercial Arbitration Court of Paris, France of November 26, 2018 to recover from the Russian Federation, which was legally represented by the Justice Ministry of the Russian Federation, $1.1 billion as a compensation for the expropriation of the Oshchadbank’s assets in Crimea.
In addition, the Kyiv Court of Appeal granted the writ of execution to recover from the Russian Federation the identified sum plus interest since March 2014 when Russia illegally annexed Crimea until Russia clears the arrears in payment in full.
On November 26, 2018, the Permanent Court of Arbitration in The Hague upheld the claim of Oshchadbank over the compensation for damages incurred as a result of the illegal annexation of Crimea by the Russian Federation. The hearing was held in accordance with the 1976 Arbitration Rules of the United Nations Commission on International Trade Law and the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on Promotion and Mutual Protection of Investments. The amount of compensation now totals $1.3 billion including the interest accrued since the judgment was issued. However, Moscow did not recognize the ruling of the Permanent Court of Arbitration and has refused to make payment.