PrivatBank has finally won its arbitration case against Russia regarding assets in Crimea

The Permanent Court of Arbitration in The Hague has ordered Russia to pay PrivatBank more than $327 million in compensation for losses caused by the unlawful expropriation of the bank’s assets in Crimea.

The decision was rendered as part of arbitration proceedings that PrivatBank initiated back in 2015 under a bilateral investment protection treaty between Ukraine and Russia.

The arbitral tribunal rejected Russia’s objections regarding jurisdiction and the legality of PrivatBank’s investments. The awarded amount includes interest accrued since April 18, 2014, as well as the bank’s costs and expenses. Interest will continue to accrue until the amount is paid in full.

PrivatBank called the decision the result of an 11-year legal battle and stated that it would take all necessary measures to enforce the arbitration award.

Source: PrivatBank

As a reminder, PrivatBank is auctioning off the Dnipro Arena stadium.

As a reminder, Ukraine held its first land auction as part of the “Land Bank” project.