10:51 23.07.2019

Court in Ukraine allows Oschadbank to recover from Russia over $1.1 bln in damages due to annexation of Crimea

1 min read
Court in Ukraine allows Oschadbank to recover from Russia over $1.1 bln in damages due to annexation of Crimea

The Kyiv Court of Appeals has recognized and granted permission to execute the decision of the International Court of Arbitration in Paris of November 26, 2018 to compensate Oschadbank (Kyiv) for more than $1.1 billion of losses caused by the annexation of Crimea by Russia.

The court by its ruling dated July 17 of this year ordered the issue of writs of execution for the recovery from the Russian Federation represented by the Ministry of Justice in favor of Oschadbank of $1.111 billion of damages plus interest since March 31, 2014 at the rate of semi-annual LIBOR plus 2% and other expenses of $3.87 million.

The decision states that the court opened proceedings on the case on May 2 and notified the Russian Embassy on May 13 and the Ministry of Justice on May 27, which is confirmed by information on the Internet on the website of Ukrposhta, but the debtor did not file an objection within a month.

According to the ruling, it can be appealed at the Supreme Court and in this case it will enter into force after consideration of such an appeal.

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