15:05 13.09.2019

Hague arbitration refuses Russia's request to revise issue of jurisdiction on Crimean lawsuit of PrivatBank

1 min read
Hague arbitration refuses Russia's request to revise issue of jurisdiction on Crimean lawsuit of PrivatBank

The Permanent Court of Arbitration in The Hague has refused the Russian Federation's demand to review the issue of jurisdiction on PrivatBank's lawsuit for the expropriation of its assets in Crimea.

"On September 12, 2019 the Permanent Court of Arbitration in The Hague in its investment treaty arbitration against the Russian Federation rejected the Russian Federation's application to reconsider its findings on jurisdiction and liability as set out in its Interim award dated February 24, 2017 and its partial award dated and February 4, 2019," the bank said in a press release.

"The arbitration was commenced by PrivatBank on April 13, 2015 for breaches of the Russian Federation's obligations towards PrivatBank's assets in Crimea under the Bilateral Investment Treaty between Ukraine and the Russian Federation. The Russian Federation did not participate in the arbitration until after the tribunal had issued its awards. The Russian Federation has now appointed counsel of record in the arbitration, and the proceedings will continue to their next phase," the document says.

As reported, in June 2019, deputy chairperson of the bank's board Halyna Pakhachuk said that PrivatBank estimated its losses as a result of the annexation of Crimea at $9 billion.

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