Ukraine's state-run Oschadbank (Savings Bank) on August 26 filed a claim against Russia for the recovery of over US$1 billion due to losses incurred following the illegal occupation and de-facto annexation of the Autonomous Republic of Crimea, enclosing the entire evidence base.
The sum of the claim incorporates the cost of the lost business, assets and interest to be charged until a final decision is taken by the Arbitration Tribunal and the actual receipt of the payment at the commercial rate to be determined by the Arbitration Tribunal, the bank's press service stated, Unian reports.
The bank also reported that after the first procedural conference, which the Russian Federation refused to take part in, the tribunal supported Oschadbank's proposal to consider the claim on an accelerated schedule if Russia continued to abstain from participation in the arbitration process.
The final hearing is scheduled for the end of March 2017.
The arbitration tribunal consists of Sir David A.R. Williams QC (a barrister and arbitrator with over 30 years' experience as counsel in commercial litigation), The Honorable Charles N. Brower (a judge with 50-year career in the law) and Mr. Hugo Perezcano Diaz (an attorney who offers advice on a broad range of legal matters in areas of international arbitration and international trade regulation), the bank said.
Oschadbank was registered by the National Bank of Ukraine on December 31, 1991. The bank is wholly owned by the state.
In 2015, it posted a loss of UAH 12.3 billion in connection with the formation of reserves for assets.