Kolomoisky strikes Moscow through The Hague. Experts say this is just the beginning
Privatbank of billionaire Igor Kolomoisky filed a lawsuit against Russia, demanding compensation for assets lost in Crimea, Gazeta.Ru reports. The case will be examined by the Hague International Arbitration Court, which has already awarded Russia a payment of $50 billion in the Yukos case. Privatbank's lawsuit is just the beginning, experts say.
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The arbitration court has been formed and will conduct proceedings in accordance with UNCITRAL,” said a representative of the bank’s press service. The amount of the claim and the size of Privatbank’s losses are not disclosed.
In September 2014, Kolomoisky announced that he intended to file a claim with the Hague Tribunal for compensation by Russia of $2 billion for property belonging to him in Crimea and Moscow, seized by the Russian authorities.
At the same time, the billionaire announced that the first lawsuit had already been prepared - regarding the terminal building at Belbek Airport.
“There I participated in share capital. When he was arrested, I wrote a letter to Dmitry Anatolyevich Medvedev, this is a legal procedure. Within six months he must answer whether he is ready to voluntarily compensate me for my losses. The claim is then filed with the Hague Commercial Tribunal. It’s a small amount, $15 million,” the oligarch said then.
In addition to Privatbank, Oschadbank, owned by the Ukrainian government, also filed a lawsuit against Russia on Wednesday. According to Prime Minister of Ukraine Arseniy Yatsenyuk, the bank estimates losses incurred in the amount of UAH 15 billion in connection with Russia's annexation of Crimea.
The claim is also being filed on the basis of the arbitration rules of UNCITRAL - the UN Commission on International Trade Law. The deadlines established by the arbitration court for the submission of written statements (including the statement of claim and objections to the claim) should not exceed 45 days, however, the court has the right to extend the deadlines if it finds it justified.
The basis for filing claims for compensation against Russia is the agreement on the promotion and mutual protection of investments between the government of the Russian Federation and the Cabinet of Ministers of Ukraine dated November 27, 1998. Previously, based on this agreement, the Russian Tatneft filed a claim against the Ukrainian government for the nationalization of the Kremenchug oil refinery, and this claim was satisfied in 2014.
“I think that these claims are just the beginning, because Ukraine’s financial claims regarding Crimea alone are very large. The proceedings will not only be on the territory of Ukraine, claims against Russia will be considered in international judicial institutions,” Ukrainian political scientist, chairman of the board of the Penta Center for Applied Political Research, Vladimir Fesenko, is convinced.
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