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Official: France’s Supreme Court upholds International Court of Arbitration decision to recover $1.1 billion from Russia in favor of Ukraine

by The Kyiv Independent news desk December 7, 2022 7:33 PM 1 min read
This audio is created with AI assistance

The French Supreme Court upheld the decision of the International Court of Arbitration to recover $1.1 billion from Russia in favor of the state-owned Oschadbank for the assets lost in Russian-occupied Crimea, Deputy Justice Minister Iryna Mudra said.

The French Supreme Court overturned the Paris Court of Appeal decision, Mudra wrote.

On March 30, 2021, the Paris Court of Appeal supported Russia’s Justice Ministry position regarding the lack of jurisdiction of the Court of Arbitration in the $1.3 billion claim of Oschadbank.

In Oct. 2021, Ukraine’s state Oschadbank appealed to the French Court of Cassation to challenge the Paris Court of Appeal's decision on the lack of jurisdiction.

The Arbitration in Paris on Nov. 26, 2018, rendered a verdict in favor of Oschadbank to recover $1.1 billion, almost the entire sum, from Russia for losses incurred by the bank as a result of the Russian military occupation of Crimea.

The next day, Russia’s Justice Ministry said it did not recognize the decision of the International Arbitration and would not compensate the losses of Oschadbank.

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