Ukrainian Bank Wins $1.5 Billion Appeal Against Russia, Faces Uncertain Payment
The Paris Court of Appeal affirmed a 2018 arbitration ruling, rejecting Russia’s challenge and mandating compensation to Ukraine’s Oschadbank for losses stemming from the annexation of Crimea. This decision requires Russia to pay over $1.5 billion in damages and legal fees, marking the first such victory for a Ukrainian bank against Russia. Oschadbank has been actively pursuing Russian assets to enforce the award, recently seizing over 87 million euros in France. The bank is prepared for a prolonged legal battle to ensure Russia fulfills its financial obligations.
John Q. Hosedrinker