The state Ukrainian bank Oschadbank is seeking an over $1 billion compensation from the Russian Federation, the bank spokesperson said on Friday.

"On August 26 Oschadbank filed a lawsuit with full evidentiary base. The sum being claimed includes both the value of lost assets, the cost of the loss of business, and the interest to accrue before the Tribunal makes a final decision and before actual receipt of the compensation at a commercial rate set by the Tribunal, and stands at over $1 billion," the bank said.

Arbitration hearings will take place in Paris, France, the bank told Interfax-Ukraine.