French court upholds intl arbitration decision to recover $1.

The French supreme court upheld the decision of the International Arbitration Court to recover $1.1 billion from the Russian Federation in favor of the state-owned Oschadbank (Kyiv) for the bank's loss of assets due to the annexation of Crimea, Deputy Justice Minister Iryna Mudra said on Wednesday.

"The supreme court of France overturned the decision of the Paris court of appeals and upheld the decision of the International Arbitration Court to recover from the Russian Federation in favor of Oschadbank $1.1 billion plus interest that will accrue from the moment the decision is made until the actual compensation (about $100,000 daily)," she wrote on Facebook.

According to her, the volume of Oschadbank's statement of claim against Russia with all the attachments was more than 30,000 sheets.

As reported, on March 30, 2021, the Paris court of appeals upheld the position of the Ministry of Justice of the Russian Federation on the lack of jurisdiction of arbitration in the claim of the Ukrainian Oschadbank for $1.3 billion.

"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 the Mutual Promotion and Protection of Investments," the Russian Ministry of Justice stated.

In October 2021, Oschadbank filed an application with the French court of cassation to appeal the decision of the Paris court of appeals on the lack of arbitration jurisdiction in the case regarding the compensation of $ 1.3 billion to the Ukrainian bank for losses from the temporary occupation of Crimea.

Tags: #court #crimea #oschadbank