PrivatBank is looking forward to recovering 1 billion USD from the Russian Federation.
The Permanent Court of Arbitration in The Hague officially announced a partial arbitration decision in favor of PrivatBank in a case against the Russian Federation.
This was reported by the press service of the bank.
“In a partial arbitration decision of February 4, 2019, which became known today, the Court of Arbitration recognized that it has jurisdiction over all Privatbank claims against the Russian Federation, the Russian Federation violated its obligations under a bilateral agreement on the promotion and mutual protection of investments, illegally expropriating the assets of PrivatBank in Crimea,” the message states.
According to the court decision, the financial institution has the right to be fully compensated for such expropriation.
The amount of compensation to be paid to PrivatBank for the illegal actions of the Russian Federation will be decided in the next stage of the arbitration.
“PrivatBank is looking forward to recovering more than $ 1 billion USD,” the press service stated.