On February 4, The Hague Arbitration ruled that Russia embezzled assets of the Crimean company illegally. Therefore, PrivatBank has aight to get compensation. The decision was made on February 15, as the press office of the bank reported.
“Arbitration court admitted that it has jurisdiction over all the demands of PrivatBank against Russian Federation, that Russian Federation violated its obligations under the bilateral agreement on promoting and mutual protection of investments, having embezzled assets of PrivatBank in Crimea illegally, that PrivatBank has a right for full compensation,” the message says.
Arbitration court will determine the amount of compensation during the next stage of the hearings. It was noted that PrivatBank wants to get over $1 billion.
As it was reported in summer 2015, PrivatBank initiated an arbitral proceeding for losing property in Crimea.