09:46 26.07.2019

Oschadbank gets no documents on Russia's contesting intl arbitration decision to compensate for bank losses due to annexation of Crimea

2 min read

 Oschadbank (Kyiv) has not received documents that would testify to the procedural actions of the Russian Federation to contest the decision of the International Court of Arbitration in Paris to compensate for more than $1.3 billion damages caused by the annexation of Crimea by Russia, according to a press release of Oschadbank.

"Regarding the information spread in the media that the Russian Federation appealed the decision of the arbitration on payments in favor of Oschadbank, we report the following ... As of July 25, Oschadbank had not received any documents that would indicate any procedural actions of the Russian Federation to appeal this decision of international arbitration," the statement said.

According to the press service, the decision of international commercial arbitration on the claim of Oschadbank against the Russian Federation on damages caused to Oschadbank as a result of the occupation of Crimea was made in Paris, therefore any legal questions about the possibility of contesting (cancelling) the decision are governed by the French procedural law.

As reported, Moscow did not recognize the positive decision of the international arbitration on the claim of Oschadbank in connection with the alleged absence of arbitration jurisdiction to consider such a claim. The Ministry of Justice of Russia said it would take all necessary measures to ensure the representation and protection of the interests of the Russian Federation in connection with its adoption.

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