Russia faces new arbitration over war losses: Ukraine's Oschadbank demands compensation
Oschadbank threatens Russia with arbitration (Illustrative photo: Vitalii Nosach, RBC‑Ukraine)
Oschadbank is demanding compensation from Russia for lost assets. If the demand is rejected, the case will be taken to international arbitration, according to a statement from Oschadbank's press service.
Oschadbank has sent an official demand to Russia to compensate for damages resulting from the loss of property in Donetsk, Luhansk, Kherson, and Zaporizhzhia regions. Moscow has violated a number of international obligations.
Oschadbank explained that this constitutes the first step required to initiate a new arbitration process against Russia. If the Russian authorities do not provide the bank with full compensation for all damages within six months, the case will be submitted to an international arbitration court.
Previously, Oschadbank won an arbitration case against Russia for $1.1 billion. That case concerned compensation for damages caused by Russia's occupation of Crimea in 2014.
"We do not expect the aggressor state to voluntarily compensate for the significant damage it has caused. We are prepared to fight to defend our rights and to obtain compensation for our lost investments. Today, an important step has been taken in a new case by Oschadbank against Russia," said Arsen Miliutin, Deputy CEO in charge of NPL at Oschadbank.
Gazprom owes Ukraine bearly $7 billion
Earlier, Ukrainian President Volodymyr Zelenskyy stated that Ukraine is preparing to recover $6.9 billion from Gazprom.
This claim is supported by several international arbitration rulings.
