The litigation concerns losses the Ukrainian bank incurred from the illegal occupation by Russia of the Autonomous Republic of Crimea.
The Paris Court of Appeal has dismissed Russia’s appeal of the decision of the international arbitration, asking for a suspension of the enforcement of $1.3 billion in favor of Oschadbank.
The litigation concerns losses the Ukrainian bank incurred from the illegal occupation by Russia of the Autonomous Republic of Crimea, according to the bank’s press service.
The Russian Federation in its appeal asked the court to suspend the enforcement of the arbitration decision, arguing that the move could inflict damage on the state, but the judge rejected the motion.
UNIAN memo. In March 2014, as a result of a pseudo-referendum, which was never recognized worldwide, held in the Autonomous Republic of Crimea, Russia grabbed it from Ukraine by signing a so-called accession treaty.
In November 2018, the International Arbitration Court in Paris handed down an unprecedented ruling to recover from the Russian Federation in favor of Oschadbank monetary compensation for losses resulting from the annexation of Crimea.