26 November 2018, Monday, 16:27 408

Oschadbank Wins In International Arbitration USD 1.3 Billion From Russia As Compensation Of Losses From Crimea Annexation

Editor: Tetiana Herasimova

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The Oschadbank state bank has won in the International Arbitration Court a USD 1.3 billion compensation of losses caused by the Crimea annexation from the Russian Federation.

The Oschadbank has said this in a statement, Ukrainian News Agency reports.

The decision to satisfy the claim for compensation of the losses inflicted on the Oschadbank through the annexation of Crimea by the Russian Federation was adopted by the Arbitration Court in Paris on November 26, 2018.

The hearing was held in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law of 1976, as well as in accordance with the Agreement between the Cabinet of Ministers and the Government of the Russian Federation on the promotion and mutual protection of investments.

The amount of compensation will be USD 1.3 billion plus interest, which will accrue from the moment the decision is made until the moment of actual compensation.

According to article 32 of the Arbitration Rules of the United Nations Commission on International Trade Law of 1976, the arbitral decision is final and binding on the parties.

The parties are obliged to execute the arbitral decision without delay.

The arbitration decision in favor of Oschadbank was the result of more than four years of efforts by the bank’s team and its legal advisors, Quinn Emanuel Urquhart & Sullivan, LLP, and Ukrainian legal adviser Asters Consult.

After receiving the arbitration decision in the prescribed manner, Oschadbank will begin to take all possible actions to implement the decision and recover funds from the Russian Federation.

The Bank will actively pursue the implementation of the Arbitration decision concerning the Russian assets in relevant jurisdictions throughout the world.

As Ukrainian News Agency earlier reported, 100% of the shares of Oschadbank PJSC are state-owned.