Stockholm Arbitration Court bars Ukraine from selling shares of VEB subsidiary

17:38, 28.08.2019 1 min read

 The Arbitration Institute of the Stockholm Chamber of Commerce, which has been hearing an investment dispute between Russia's VEB and Ukraine regarding the expropriation of VEB subsidiary Prominvestbank (PIB), has banned Ukraine from selling shares in PIB and has ordered it to compensate VEB for any arbitration costs, the Russian state corporation said.

"Following a series of special hearings and pleading, the English legal counsel issued a verdict that backed the legal position developed by the VEB legal team and by Monastyrsky, Zyuba, Stepanov, and Partners, granted all of VEB's claims, prohibited Ukraine from selling shares in PIB and ordered Ukraine to reimburse all arbitration costs borne by VEB," a VEB representative told reporters.