PrivatBank receives final Hague court ruling on compensation for Crimean assets

Final ruling on compensation

The Permanent Court of Arbitration in The Hague issued a final ruling stating that the Russian Federation must compensate PrivatBank for losses incurred due to the expropriation of assets following the occupation of Crimea. The total compensation amount exceeds 327 million US dollars.

According to the text of the ruling, the bank is to receive a principal sum of 180.87 million dollars. This amount is supplemented by interest accruing from 18 April 2014, as well as the costs of conducting the arbitral proceedings.

Rejection of respondent's objections

The tribunal considered objections from Russian representatives, who claimed that the bank's investments were allegedly illegal. The judicial body rejected these arguments and confirmed that Russia had violated the investment protection agreement.

The legal proceedings have been ongoing since 2015. After 11 years of legal dispute, the ruling has entered into force, although the issue of actually recovering the funds from Russia remains pertinent for the bank.

PrivatBank's position

PrivatBank stated that it intends to take all necessary measures to ensure the full execution of the issued ruling and the receipt of the specified financial funds.