Privatbank sues Russia over Crimea

Privatbank in arbitration has decided to defend its interests regarding the loss of investments in occupied Crimea.

According to Oleksandr Serhi, press secretary of the Ukrainian credit organisation, the arbitral tribunal has already been formed and the proceedings will be conducted exclusively in accordance with the UNCITRAL Arbitration Rules.

The proceedings will take place in The Hague. Information regarding the amount of the claim and Privatbank's losses is not disclosed.

Judging by the fact that the tribunal has already been formed, Russia has already given its consent to participate in the process, and an arbitration agreement has undoubtedly been concluded.

Cases of this nature are most often handled by the Permanent Court of Arbitration, PCA, which is located in The Hague. It is likely that this proceeding will also take place there.