The permanent court of arbitration in the Hague rejected Russia in demanding a revision of the questions of jurisdiction and breach of obligations under the claim of “PrivatBank” regarding lost assets in Crimea. About it reports “Interfax-Ukraine”.
“PrivatBank” is glad to inform that on 12 September, the Permanent court of arbitration in the Hague in the case of protection of investments against the Russian Federation refused the Russian Federation in demanding the revision of the resolved questions of the jurisdiction of production and of the obligations breached, as specified in the interim award dated 24 February 2017 and a partial award of February 4, 2019″, – stated in the message.
It is noted that the case in the arbitration was commenced “PrivatBank” on 13 April 2015 for violation of Russian commitments in regard to PrivatBank’s assets in Crimea under the agreement on encouragement and mutual protection of investments concluded between the Ukraine and Russia. The Russian Federation did not participate in the case to the arbitration court for those decisions. Now the Russian Federation has appointed its representatives in court, and the production will continue its transition to the next stage.
Recall that the Hague arbitration ruled in favor of the state “PrivatBank” on February 15, 2019. Then, the permanent court of arbitration in the Hague confirmed its jurisdiction in the lawsuit of “PrivatBank” against Russia, which the Ukrainian Bank is required to pay $ 1 billion (24 billion) lost due to the annexation of Crimea property and assets.