Privatbank is awaiting the final court hearing in the case against Russia. The bank hopes to return its assets, which the aggressor country actually stole by occupying Crimea.
The lawsuit has been ongoing since 2015. If everything goes well, the final hearing should take place in October of this year.
The story of the stolen assets of Privatbank
Privatbank filed a lawsuit to the arbitration court against Russia back in 2015, according to the bilateral agreement on the promotion and mutual protection of investments from 1998.
In this arbitration, which Russia chose to avoid participating in, the Permanent Court of Arbitration in The Hague issued an Interlocutory Award of 24 February 2017 and a Partial Award of 4 February 2019 in favor of certain positions. questions and confirming that Russia illegally expropriated the bank’s assets in Crimea.
In 2019, Russia dared to file an appeal
In 2019, Russia resumed its participation in the proceedings and applied to the Court of Appeal in The Hague in the Netherlands, requesting that such awards be reviewed or set aside. However, on July 19, 2022, the Court of Appeal rejected Russia's claims in full on appeal. render a decision by the arbitral tribunal. The final hearing is due to begin on October 10, 2022, Privatbank said.
The bank is confident that sufficient evidence has been provided to the court, including reports from well-known loss adjusters, to allow the court to accurately determine the damage that Russia caused to the bank .
