Ukraine's Oschadbank wins Paris appeal for $1.5 bln compensation from Russia over seized Crimean assets
The Paris Court of Appeal has upheld a 2018 ruling ordering Russia to pay $1.5 billion in damages to Ukraine's state-owned Oschadbank for losses incurred from the annexation of Crimea. The court also awarded an additional EUR 300,000 in legal fees to be paid by Russia.
"The ruling, together with our recent seizure of more than EUR 87 million in Russian assets in France, is part of the bank's systematic efforts to recover losses caused by the aggressor," said Oschadbank CEO Serhiy Naumov.
Supervisory Board member Roza Tapanova noted that the compensation awarded exceeds $1.5 billion, and that the bank will continue to pursue every possible avenue to enforce the ruling and collect the funds from Russia.
"We understand that the Russian Federation will never voluntarily comply with the ruling. We are prepared for a long fight. But we are confident that we will prevail – and that Russia will pay not only the damages, but also interest accrued over time," said Deputy Chairman Arsen Miliutin.
He added that the bank is also continuing to collect documented evidence to support future claims for compensation related to losses from Russia's full-scale invasion, which began in 2022.
As reported earlier, in April Oschadbank registered the seizure of Russian assets worth around EUR 87 million in France as part of its legal case for compensation over its lost Crimean assets.