The Supreme Court of France ruled to recover $1.1 billion from russia in favor of Oschadbank due to the annexation of Crimea

What happened? The Supreme Court of France upheld the decision of the International Arbitration Court to recover $1.1 billion from russia in favor of the state-owned Oschadbank for the loss of assets due to the annexation of Crimea.

Source. Iryna Mudra, the Deputy Minister of Justice.

Details. Russia will be charged $1.1 billion and interest that will be accrued from the moment when the decision is made until the actual compensation (about $100,000 daily).

According to Ms. Mudra, the volume of Oschadbank's statement of claim against russia with all annexes is more than 30,000 pages.

Background. To recap: On March 30, 2021, the Court of Appeal of Paris upheld the position of the Ministry of Justice of the russian federation on the lack of the arbitration jurisdiction 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 Sberbank, were created before January 1, 1992, that is, during the Soviet period, and therefore they do not fall under the Agreement on the Mutual Promotion and Protection of Investments,” the Ministry of Justice of the russian federation argued.

In October 2021, Oschadbank filed an application with the French Court of Cassation to appeal against the decision of the Paris Court of Appeal on the lack of arbitration jurisdiction in the case regarding the compensation to the Ukrainian bank for $1.3 billion losses due to the temporary occupation of Crimea.