Another legal defeat for Russia: Kremlin ordered to pay half a billion UAH to Ukraine
Russia owes Ukraine another 500 million UAH (photo: flickr.com)
The Deposit Guarantee Fund of Ukraine (DGF) has won a second lawsuit against the Russian regime over damages caused by Russia's aggression to banks being withdrawn from the market. The court ordered Russia to pay the Fund nearly half a billion UAH, according to the DGF.
On July 17, the Kyiv Commercial Court issued a ruling in a case against Russia that combined the claims of five banks: Green Bank, Erde Bank, Ukrgazprombank, Tavrika Bank, and Fortuna-Bank. The court fully satisfied the Fund's claim against Russia in the amount of 498.5 million UAH.
Part of the assets of these banks, including real estate and loan portfolios, were located in the Donetsk and Luhansk regions, which were occupied by pro-Russian militants in 2014.
As a result of the occupation of these territories by pro-Russian militants with the support of the Russian army, the banks lost access to and control over these assets and suffered significant losses.
According to preliminary estimates by the Deposit Guarantee Fund, the total losses of Ukrainian banks due to the actions of the Russian regime from 2014 to 2022 amount to 84 billion UAH. Lawsuits will be filed for all documented losses, which will lead to financial claims against Russia on the international stage.
Currently, two additional lawsuits against Russia are being considered:
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A claim for 651 million UAH in the case of Promekonombank;
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A group claim totaling over 920 million UAH for losses suffered by four other banks: Kyivska Rus Bank, Aktiv-Bank, Energobank, and Petrocommerce-Ukraine Bank.
Ukraine wins court cases against Gazprom
The Russian gas monopoly Gazprom also owes Ukraine a substantial amount of money. In June, Ukraine's Naftogaz won an arbitration case against Gazprom. The Russian company was ordered to pay Ukraine $1.37 billion in compensation.
According to Ukrainian President Volodymyr Zelenskyy, Ukraine has several favorable international arbitration rulings totaling $6.9 billion. These funds are now being prepared for enforcement against Russia and Gazprom.
