On 26 November the International Arbitration Court has satisfied the claim of Ukrainian State Bank “Oschadbank” for the compensation of losses caused by the Crimean annexation from the Russian Federation. The amount of compensation will be USD 1.3 billion plus interest, which will accrue from the moment the decision is made until the moment of actual compensation. According to article 32 of the Arbitration Rules of the United Nations Commission on International Trade Law of 1976, the arbitral decision is final and binding on the parties. The parties are obliged to execute the arbitral decision without delay.
After receiving the arbitration decision in the prescribed manner, “Oschadbank” will begin to take all possible actions to implement the decision and recover funds from the Russian Federation. According to the board chairperson, Andrew Pyshnyi the Bank will actively pursue the implementation of the Arbitration decision concerning the Russian assets in relevant jurisdictions throughout the world.
“Oschadbank” is the first company with its asserts belonging to the state and the first banking institution won the compensation of losses, caused due to the annexation of Crimea by the RF.
“Our example illustrates that the efforts to make the state – aggressor to be accountable under the law for the losses, caused due to the occupation of the part of the territory of Ukraine have a promising future. We call on the other Ukrainian companies of both state and private forms of property to apply to the Arbitration Court to restore justice though for recover economical losses of Ukraine, caused due to the predatory attack against our country” Andrew Pyshnyi pointed out.