**Ukraine’s Oschadbank Wins $1.5 Billion Appeal Against Russia**
On July 3, Ukraine’s largest state-owned bank, Oschadbank, announced a major victory in its long-standing dispute with Russia over the annexation of Crimea. The Paris Court of Appeal has upheld an arbitration ruling from 2018 that requires Russia to pay compensation for damages incurred by the bank due to Moscow’s actions.
In November 2018, an international arbitration tribunal ordered Russia to compensate Oschadbank for losses suffered when it annexed the Ukrainian peninsula in 2014. The latest ruling is a significant boost for the bank and reinforces its efforts to recover war-related losses from Russia. According to reports, Russia must now pay more than $1.5 billion in damages and an additional €300,000 ($330,000) in legal costs.
This victory comes as no surprise given Oschadbank’s determination to pursue Russian assets across multiple jurisdictions. In recent months, the bank has seized over €87 million ($102 million) in Russian assets in France as part of its efforts to enforce the arbitration award. The bank is confident that it will ultimately succeed in recovering all losses incurred due to Russia’s actions.
**A Growing List of Ukrainian Wins Against Russia**
Oschadbank’s victory adds to a growing list of Ukrainian successes against Russia in recent months. On June 23, Naftogaz CEO Serhii Koretskyi announced that an international arbitration tribunal had ordered Russia’s Gazprom to pay the Ukrainian state energy company $1.37 billion after the Russian firm stopped fulfilling contract obligations in May 2022.
The repeated losses suffered by Russia are a testament to Ukraine’s resilience and determination to seek justice for past injustices. Despite Moscow’s ongoing aggression, Ukraine remains committed to pursuing reparations for damages caused by the annexation of Crimea and other war-related losses.
**A Long and Difficult Road Ahead**
While Oschadbank’s victory is significant, it does not come without its challenges. As Arsen Miliutin, deputy chairman of Oschadbank’s management board, noted, “We understand that the Russian Federation will never voluntarily comply with the court’s decision, and we are prepared for a long struggle.” The road ahead may be long and difficult, but one thing is clear: Ukraine will not back down in its pursuit of justice.
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