Russia loses appeal in case over Oschadbank’s seized assets in Crimea

The relevant statement was made by Oschadbank’s press service, an Ukrinform correspondent reports.

The Court of Appeal noted that the decision of the Paris Arbitration Tribunal, dated November 26, 2018, was recognized on the territory of France and recovered an additional EUR 300,000 in legal fees from the Russian Federation.

This decision became public and was covered in the international media.

“Oschadbank’s victory in the case against the Russian Federation proves once again: the desire to bring the aggressor state to legal responsibility for the losses caused by the occupation of part of Ukraine’s territory has good prospects. The amount of losses to be recovered by the court ruling exceeds USD 1.5 billion, and Oschadbank will continue to do everything possible to recover this amount from the Russian Federation,” Oschadbank JSC Supervisory Board Member Roza Tapanova told.

As emphasized by Oschadbank JSC Management Board Chairman Serhii Naumov, the decision of the Paris Court of Appeal, along with Oschadbank’s recent seizure of Russian assets in France, totaling more than EUR 87 million, are part of the bank’s systematic efforts to recover the losses caused by the aggressor state.

“We are the first banking institution to have won a similar case against the Russian Federation, and we consider our progress in this case a signpost that gives hope to many Ukrainian businesses to achieve justice for losses from Russia’s invasion of Ukraine,” Naumov stressed.

A reminder that, on November 26, 2018, the Paris Arbitration Tribunal issued a ruling in favor of Ukraine’s state-owned bank to recover USD 1 billion from the Russian Federation as the amount of losses suffered by Oschadbank JSC following the annexation of Crimea.