The Paris Court of Appeal overturned an arbitration award made three years ago to recover $ 1.3 billion from Russia in favor of the Ukrainian Oschadbank. This was reported on the website of the Ministry of Justice of the Russian Federation.
In 2018, the credit institution won a lawsuit against Russia in the Paris arbitration to recover damages due to the “loss of assets” in Crimea. The Russian side did not recognize the decision, since the arbitration does not have jurisdiction to consider such a claim.
Today the court in Paris upheld the argument of the Ministry of Justice of the Russian Federation and completely overturned the decision of the tribunal. Russia managed to prove that the Crimean branch of Oschadbank was created back in the Soviet period and is not subject to the Agreement on the Encouragement and Reciprocal Protection of Investments, which the plaintiff referred to.
“The decision of the Paris court confirms the position of Russia that the arbitration tribunals have no jurisdiction to consider the” Crimean “cases in accordance with the norms of international law,” the message says.
The decision of the Paris Court of Appeal has become a precedent for a whole group of “Crimean” cases, said the Deputy Minister of Justice of the Russian Federation Mikhail Galperin.