REUTERS
The court is set to consider the issue of compensation amount at the next arbitration stage.
The Permanent Court of Arbitration in The Hague today, February 15, officially announced its partial award in favor of PrivatBank and against the Russian Federation in a case on the expropriation of bank assets in Crimea after the annexation of the peninsula by Russia.
“The court recognized that it has jurisdiction over all claims PrivatBank had launched against the Russian Federation, Russia breached its obligations under a bilateral agreement on the promotion and mutual protection of investments, illegally expropriating the PrivatBank's assets in Crimea, and that PrivatBank has the right to compensation for such expropriation in full," the press service of the financial institution wrote.
It is also reported that the question of compensation amount PrivatBank is due to get for the illegal actions of the Russian Federation will be decided at the next arbitration stage.
The press service recalled that PrivatBank intends to receive compensation in the amount of more than $1 billion.
Read alsoPrivatBank posts almost US$418 mln in profit in 2018
UNIAN memo. In March 2014, as a result of the internationally-unrecognized referendum, held in the Autonomous Republic of Crimea, Ukraine lost the peninsula to Russia. The Kremlin incorporated it into the Russian Federation.
In August 2014, the National Bank of Ukraine ordered the country's banks to suspend the implementation of all types of financial transactions in settlements that are not controlled by the Ukrainian authorities.
PrivatBank (Dnipro) has been operating in the Ukrainian market since 1992 and is the largest bank in terms of assets. The bank has been owned by the state since December 2016. In 2018, PrivatBank received UAH 11.7 billion in profit.