Photo: RBK-Ukraine
Oschadbank filed a lawsuit against the Russian Federation back in 2015
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In 2018, international arbitration ruled to reimburse Oschadbank for $ 1.3 billion for property losses in Crimea.
The Russian Ministry of Justice claims that the Paris Court of Appeal on Tuesday, March 30, satisfied their claim in a dispute with Oschadbank of Ukraine in the case of compensation for $ 1.3 billion, reports Interfax.
“On March 30, 2021, the Paris Court of Appeal overturned the 2018 arbitration award on the claim of PJSC State Savings Bank of Ukraine,” the statement said.
The RF states that the court “upheld the argument of the Ministry of Justice of Russia that the arbitration tribunal had no jurisdiction to consider the dispute and completely canceled the decision of the tribunal.”
“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 Encouragement and Mutual protection of investments “, – say in the Ministry of Justice of the Russian Federation.
“This decision will have precedent significance in other cases involving the 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, international arbitration ruled to reimburse Oschadbank $ 1.3 billion and accrue $ 97 thousand percent on each subsequent day.
In August 2019, the Kiev Court of Appeal gave permission for the execution of the decision of the Arbitration Tribunal in Paris.
In its turn Russia did not recognize the decision of international arbitration and challenges its competence to consider such claims.
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