This is reported by Kyiv24
The Paris Court of Appeal ruled in favor of Oschadbank on July 1, definitively rejecting the complaint of the Russian Federation and upholding the verdict of the Paris Arbitration Tribunal from November 26, 2018. Thus, Russia is obligated to compensate the state bank for the losses it incurred due to the annexation of Crimea.
Upholding the Decision and Additional Sanctions for Russia
The court in Paris emphasized the recognition of the Arbitration Tribunal’s decision regarding the payment of compensation within France. In addition to the main compensation amount, 300,000 euros in court costs have also been levied against the Russian Federation.
“The appellate court also stated that the decision of the Paris Arbitration Tribunal from November 26, 2018, is recognized within France and additionally imposed 300,000 euros in court costs on the Russian Federation.”
According to board member Roza Tapanova, the total amount to be collected exceeds 1.5 billion US dollars. She emphasized the bank’s determination to achieve real recovery of these funds from Russia in the future.
Oschadbank – The First Bank to Win Such a Case
Chairman Serhiy Naumov highlighted that Oschadbank has become the first banking institution to win against Russia in a case concerning compensation for losses caused by the annexation of Crimea. He noted that this progress could serve as an example for other Ukrainian companies seeking fair compensation for damages from Russian aggression.
At the same time, Deputy Chairman Arsen Miliutin acknowledged that Russia is unlikely to voluntarily comply with the court’s decision, and the bank is preparing for a prolonged struggle to recover the funds. Furthermore, Oschadbank continues to gather evidence to obtain compensation for new damages incurred during the full-scale war that has been ongoing since 2022.
It should be recalled that back in November 2018, the Arbitration Tribunal in Paris ordered the Russian Federation to pay Oschadbank 1.3 billion US dollars as compensation for losses due to the annexation of Crimea.