Ukraine decided to help the Stockholm arbitration recognize Crimea as Russian territory
Ukraine is beginning a new stage in the legal struggle to receive compensation for the loss of Crimean assets, Kommersant reports.
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The publication recalls that the Ukrainian Oschadbank on Friday issued a statement about the start of legal proceedings in the Stockholm Arbitration Court on a claim against Russia for $1 billion for “the total destruction of investments in Crimea due to the illegal occupation and actual annexation of this territory by Russia.” At the same time, the Ukrainian bank justifies its demands by an alleged violation of the 1998 agreement between the Russian government and the Cabinet of Ministers of Ukraine on the encouragement and mutual protection of investments.
“In the understanding of this agreement, investments are understood as property and intellectual assets that are invested by an investor of one party in the territory of the other party in accordance with its legislation. It is obvious that Oschadbank’s assets in Crimea were not invested in the Russian economy in accordance with the procedures provided for by its legislation, but ended up on the territory of the Russian Federation de facto as a result of the declaration of independence of Crimea from Ukraine and its subsequent annexation to Russia,” noted the BGP Litigation lawyer Elena Kolomiets.
At the same time, Alexei Panich, a partner at the law office of Herbert Smith Freehills, says that in order to recognize the plaintiff’s right to sue on the basis of the 1998 Russia-Ukraine agreement, “arbitrators will need to recognize Crimea as Russian territory.”
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