According to Deputy Minister of Justice of Ukraine Irina Mudra, in the French jurisdiction, the case on the lawsuit of the Ukrainian state bank “Oschadbank” against Russia, regarding the Crimean assets of the state bank, stolen by the occupiers, ended in victory.
The Supreme Court of France overturned the decision of the Court of Appeal of Paris and upheld the decision of the international arbitration to recover from Russia in favor of Oschadbank 1.1 billion US dollars plus interest that will accrue from the moment the decision is made until the moment of actual compensation – about 100 thousand US dollars daily.
Recall that this dispute, initiated in 2015, was about Russia’s violation of a bilateral investment protection agreement, and hearings were held in international arbitration in 2017, and the Ukrainian bank, among other things, attracted English lawyers from “Quinn Emanuel Urquhart & Sullivan” to present its position.
Russia in the process initially refused to participate in the arbitration proceedings and then tried to postpone the enforcement of the award and cancel it. The aggressor tried to use the French system of justice and arbitration in order to avoid responsibility, but this ended in his defeat. Since Russia has withdrawn from the mechanisms of the Council of Europe, it will no longer be able to drag out this case in the future, for example, by appealing the decisions of French courts to the ECtHR.
