In brief
The award covers assets seized in occupied Crimea, interest and legal costs, according to the bank. RBC-Ukraine did not report that payment had been made.
An arbitration in The Hague has ordered Russia to pay PrivatBank more than $327 million for assets illegally seized in occupied Crimea, RBC-Ukraine reported on October 6, citing the Ukrainian bank's press service. The report did not specify the date of the final ruling.
According to the bank, the award includes legal costs and interest accruing from April 18, 2014. Interest will continue to accrue until full payment. Board member Solvita Deglava said the bank expected the award to be honoured and would take steps to secure payment.
PrivatBank began arbitration proceedings in 2015 under a 1998 bilateral investment protection agreement. Its assets in Crimea included property, a loan portfolio and funds that came under Russian control, RBC-Ukraine reported.
The publication said the Hague Court of Appeal rejected Russia's challenge to earlier arbitration decisions in 2022, and the Dutch Supreme Court upheld those decisions in 2024, clearing the way for the compensation amount to be determined.