Ukrainian Oschadbank has filed a lawsuit against Russian assets in the Crimea $1 billion

The logo of Oschadbank in Kiev

Photo: Reuters/Pixstream

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Ukrainian Oschadbank appealed to the international arbitration with the claim against Russia in $1 billion in connection with loss of assets in Crimea. In the Bank expect to complete the trial in international arbitration in March 2017

State-controlled Oschadbank reports that on Friday, August 26, a lawsuit was filed against Russia, along with the evidence base in connection with the loss of assets in Crimea. The total cost of lost assets and business interest that should be accrued to the time of actual payment of compensation, in Oshchadbank assessed more than $1 billion.

In the summer of 2015 the Prime Minister of Ukraine Arseniy Yatsenyuk estimated amount of the claims of the savings Bank of Russia of 15 billion hryvnia, which at that time was approximately $691 million, this amount, according to Yatsenyuk, corresponds to a lost Bank income and property, which the credit organisation has lost as a result of the annexation of Crimea to Russia.

At the beginning of July 2015 Oschadbank informed Russia of its claims, and after Russia did not respond to the appeal of the Bank within six months (this period may pre-arbitration settlement), filed a lawsuit in the Stockholm arbitration court.

Now in the savings Bank statement it is noted that if Russia will continue to evade participation in the proceedings of the claim of the Bank in international arbitration, the process will be conducted without its participation and an accelerated schedule. In this case, the final decision may be made by the end of March 2017.

“Currently Oschadbank carefully preparing to defend before the Tribunal of their claims to the Russian Federation. The next procedural step will be a hearing on the merits in a court session”, — said the Chairman of the Board oschadbanka Andrew Lush.

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