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Economy 2019-03-15T04:04:04+02:00
Ukrainian news
The Hague Permanent Court Of Arbitration Rules In Favor Of PrivatBank And Against Russia For Expropriation Of

The Hague Permanent Court Of Arbitration Rules In Favor Of PrivatBank And Against Russia For Expropriation Of Bank Assets In Crimea

The Permanent Court of Arbitration at The Hague (the Netherlands) has officially announced a partial arbitration decision in favor of PrivatBank and against the Russian Federation.

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

In a partial arbitration decision of February 4, 2019, which became known on Friday, the arbitral tribunal recognized that it has jurisdiction over all claims of PrivatBank against the Russian Federation, the Russian Federation violated its obligations under the bilateral agreement on the promotion and mutual protection of investments, having illegally expropriated the assets of PrivatBank in Crimea, and that PrivatBank is entitled to reimbursement for such an expropriation in full.

The arbitral tribunal left the issue of the amount of compensation payable to PrivatBank for the illegal actions of the Russian Federation to the next stage of the arbitration.

PrivatBank intends to receive a refund of more than USD 1 billion.

As Ukrainian News Agency earlier reported, 100% of the bank’s shares belong to the state represented by the Ministry of Finance.


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