Daily Management Review

Court in Paris rules to recover $1.3 billion from Russia in favor of Ukraine


The Paris Court of Cassation overruled a ruling by the city's Court of Appeal 2021 and ordered Russia to pay $1.3 billion to Ukraine's Oschadbank.

The appeals court "overturned the March 30, 2021 ruling of the Paris appeals court," the document's wording states, and determined that the money Oschadbank is requesting "is subject to recovery."

Oshchadbank declared in November 2018 that it would take legal action against the Russian Federation in all jurisdictions after winning a lawsuit against it at the Paris Arbitration Tribunal to recover $1.3 billion in damages for the loss of assets in Crimea.

In response, the Russian Ministry of Justice asserted that the arbitration panel lacked authority to hear the case. That claim was upheld by the Paris Court of Appeal, which completely overturned the tribunal's judgment.

source: reuters.com