12:03 26.10.2021

Oschadbank files appeal against Paris court verdict to overturn arbitration decision on Russia's paying $1.3 bln

2 min read
Oschadbank files appeal against Paris court verdict to overturn arbitration decision on Russia's paying $1.3 bln

State-controlled Oschadbank (Kyiv) has filed an appeal with the French Court of Cassation against the decision of the Paris Court of Appeal that the arbitration tribunal has no jurisdiction over the case regarding compensation to the Ukrainian bank for $1.3 billion in losses from the temporary occupation of Crimea, the bank's press service said.

"The consideration of the case on obtaining fair compensation for the assets of Oschadbank expropriated by the Russian Federation in the occupied Crimea is constantly in the center of attention of the bank's management. Despite the difficult course and unprecedented nature of this case, Oschadbank will use all available opportunities to fully satisfy its fair demands," head of the bank's board Serhiy Naumov said.

As reported, the Paris Court of Appeal on March 30 upheld the position of the Ministry of Justice of the Russian Federation on the absence of jurisdiction in the arbitration in the claim of Ukraine's Oschadbank for $1.3 billion.

"In particular, the Russian Federation managed to prove that the so-called investments, namely the Crimean branch of Oschadbank, were created before January 1, 1992, that is, back in the Soviet period, and therefore they are not subject to the agreement on the encouragement and mutual protection of investments," the Russian Ministry of Justice said.

Oschadbank was founded in 1991. Its sole owner is the state.

According to the statistics of the National Bank, as of June 1, 2021, in terms of total assets (UAH 290.783 billion) Oschadbank ranked second in the rating among 73 banks operating in the country.

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