The permanent court of arbitration in the Hague rejected the Russian Federation in demanding a revision of the question of jurisdiction at the suit of PrivatBank expropriation of its assets in the Crimea.

“On September 12, 2019, 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 issues on 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 press release of the Bank.

The case in arbitration PrivatBank was launched on 13 April 2015 for violation of Russia’s obligations in respect of PrivatBank’s assets in Crimea under the agreement on encouragement and mutual protection of investments, concluded between Ukraine and the Russian Federation. Russia was not involved in the case to the arbitration court for those decisions. Currently, the Russian Federation has appointed its representatives in court, and the court proceedings will continue its transition to the next stage.

As reported in June 2019, the Deputy head of the Board Galyna Pahachuk said that PrivatBank estimates its losses as a result of the annexation of Crimea to $9 billion.

“The lawsuit was filed in excess of $1 billion (in investment arbitration in the Hague on assets in Crimea – Interfax). But, if the overall rate of loss, I believe that the Bank lost more than $9 billion — currency position, it loans,” – said Pahachuk.

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