Economy 2022-11-15T05:04:52+02:00
Ukrainian news
Oschadbank Files Appeal To French Court Of Cassation In The Case Of Compensation For Damages From RF

Oschadbank Files Appeal To French Court Of Cassation In The Case Of Compensation For Damages From RF

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Russia, bank, France, Oschadbank, State Savings Bank, Court of Cassation

The Kyiv-based Oschadbank (Savings Bank) state-run bank has filed an appeal to the French-based Court of Cassation in the case for damages from the Russian Federation.

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

Oschadbank announces that it has filed an appeal to one of the four courts of last resort in France - the Court of Cassation – against the decision of the Paris Court of Appeal issued in March 2021, which overturned the 2018 arbitration award on compensation of about USD 1.4 billion by the Russian Federation in favor of Oschadbank.

The losses of Oschadbank in question were caused as a result of the illegal seizure of Oschadbank's assets in the Autonomous Republic of Crimea.

Oschadbank is confident that the Court of Cassation will recognize and correct the obvious errors and gaps in the decision of the Paris Court of Appeal.

Thus, it will renew the arbitration award against the Russian Federation, which refers to compensation for Oschadbank for significant losses arising from unacceptable actions and disregard of the laws on the part of the Russian Federation.

As Ukrainian News Agency earlier reported, on March 30, the Paris Court of Appeal rejected the decision of the International Tribunal of November 26, 2018, in the case of Oschadbank vs the Russian Federation on compensation for losses in Crimea caused by the annexation of the peninsula.

Oschadbank considers such a decision of the Court of Appeal from the point of view of law erroneous and contrary to the established case law both in France and in other European countries.





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