Paris Court of Cassation Reinstated an Investment Treaty Arbitration Award Against Russia in relation to the Crimean War
Paris Court of Cassation upheld the investment-treaty award rendered by the Permanent Court of Arbitration, which requires Russia to compensate for the losses incurred by a Ukrainian bank, Oschadbank, as a result of Russia’s annexation of Crimea in 2014. According to the award, the Ukrainian investor is to recover USD 1.1 billion plus interest from Russia.
Oschadbank is a state-owned bank which had investments in Crimea. Similar to the other investors which were adversely affected by Crimea’s annexation, Oschadbank initiated investment-treaty arbitration against Russia in 2016. Amongst other BIT claims, Oschadbank claimed that its assets were unlawfully expropriated