Ukrainian bank wins $1.3 billion legal case against Russia
On November 26, the arbitral tribunal in Paris approved the compensation claim of the State Savings Bank of Ukraine (Oschadbank) for assets losses during Russia's annexation of the Crimea. The press service of Oschadbank reported that the compensation amount is $ 1.3 billion plus interest that will accrue before the actual compensation.
"Today we received an official victory notice! It is difficult to imagine an announcement that now we would need more than this. Given how our relations with the aggressor are developing, this victory is of a crucial importance not only for us but also for the whole of Ukraine! From the first day of the annexation of the Crimea, we worked on documenting crimes committed against the bank by the occupation authorities, in preparation for a meeting in the international courts. The Oschadbank will resolutely pursue the recovery of the awarded compensation, "said the Chairman of the Board, Andriy Pyshny.
The arbitration decision in favor of Oschadbank is the result of more than four years of proceedings. The Oschadbank’s claim against the Russian Federation including all applications amounted to more than 30 thousand sheets. The hearing took place in March 2017.
"This decision satisfied all Oschadbank's claims against the Russian Federation regarding the expropriation of the banking business and assets in the Crimea as a result of the illegal occupation and annexation of part of the territory in violation of international law," said the partner of Quinn Emanuel Urquhart & Sullivan law firm, Alex Gerbi.
Oschadbank became the first state-owned company and the first Ukrainian bank to win the case against the Russian Federation regarding losses resulting from the annexation of the Crimea.
Oschadbank is one of the largest Ukrainian banks. As of March 2014, this bank had the largest banking network on the Crimean peninsula.