An arbitration court in The Hague ordered Russia to pay Ukraineʼs “PrivatBank” more than $327 million for assets the bank lost in Crimea after the occupation of the peninsula in 2014.
This was reported by the bankʼs press service.
This amount includes compensation for losses, interest accrued from April 18, 2014, as well as the bankʼs legal costs. Interest will continue to accrue until Russia pays the full amount.
“PrivatBank” filed a lawsuit against Russia back in 2015. The bank demanded compensation for assets it had in Crimea before the occupation. This includes real estate, loans, and money.
After the occupation, Russia seized these assets, causing PrivatBank to cease operations on the peninsula. The court found that Russia had violated an investment protection agreement between Ukraine and Russia. The arbitrators also rejected Russia’s argument that “PrivatBank” investments were allegedly illegal.
The bank said it would now demand full payment of the award. The legal proceedings lasted 11 years.
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