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  • By The Financial District

French Supreme Court Orders Russia To Pay $1.1-B To Ukrainian Bank

The French Supreme Court has upheld the decision of the International Court of Arbitration (ICA) to recover $1.1 billion from Russia in favor of the state-owned Oschadbank for the assets lost in Russian-occupied Crimea, Deputy Justice Minister Iryna Mudra said, Kyiv Independent reported.

Photo Insert: The French Court of Cassation

The French Supreme Court overturned the Paris Court of Appeal decision, Mudra said.

On March 30, 2021, the Paris Court of Appeal supported Russia’s Justice Ministry position regarding the lack of jurisdiction of the Court of Arbitration in the $1.3 billion claim of Oschadbank.

In Oct. 2021, Ukraine’s state Oschadbank appealed to the French Court of Cassation to challenge the Paris Court of Appeal's decision on the lack of jurisdiction.

The arbitration in Paris on Nov. 26, 2018, rendered a verdict in favor of Oschadbank to recover $1.1 billion, almost the entire sum, from Russia for losses incurred by the bank as a result of the Russian military occupation of Crimea.

The next day, Russia’s Justice Ministry said it did not recognize the decision of the International Arbitration and would not compensate the losses of Oschadbank.

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