RF Announced Court Victory Against Oschadbank

In 2018, international arbitration ruled to reimburse Oschadbank $ 1.3 billion for property losses in Crimea.

Russia’s Justice Ministry claims that the Paris Court of Appeal on Tuesday, March 30, satisfied its claim in a dispute with the Oschadbank of Ukraine in the case of compensation for $ 1.3 billion, Interfax reports.

“On March 30, 2021, the Paris Court of Appeal annulled the 2018 arbitration award on the claim of the PJSC State Savings Bank of Ukraine,” the statement said.

The RF states that the tribunal “upheld the Russian Ministry of Justice’s argument that the arbitration tribunal had no jurisdiction to consider the dispute and canceled the tribunal’s decision entirely.”

“In particular, the Russian Federation managed to show that the so-called investments, namely the Crimean branch of Oschadbank, were created before January 1, 1992, that is, in the Soviet period, and are therefore not subject to to the Agreement on mutual promotion and protection of investments “, – they say in the Ministry of Justice of the Russian Federation.

“This decision will have precedent importance in other cases involving so-called ‘Ukrainian investors’, which are being considered by arbitration tribunals and state courts in European jurisdictions,” the department said.

They recalled that Oschadbank filed a lawsuit against Russia in 2015. In November 2018, the international arbitration decided to reimburse Oschadbank $ 1.3 billion and accrue $ 97 thousand of interest each day thereafter.

In August 2019, the Kiev Court of Appeal gave permission to enforce the decision of the Court of Arbitration in Paris.

In turn, Russia did not recognize the decision of the international arbitration and disputes its competence to consider such claims.

News of Correspondent.net on Telegram. Subscribe to our channel https://t.me/korrespondentnet