The Permanent Court of Arbitration in The Hague ordered Russia to pay PrivatBank more than $327 million including interest and costs. The principal compensation is $180.87 million, with interest accruing from April 2014.
The Permanent Court of Arbitration issued a final award in Ukrainian bank PrivatBank’s claim over assets it lost in Crimea. According to the bank and the arbitration materials, the total amount awarded exceeds $327 million and includes compensation, interest and costs.
The tribunal’s press release sets the compensation at $180.87 million. Interest accrues on that amount from 18 April 2014 until payment, and the tribunal separately allocated the costs of the proceedings. The total therefore exceeds the principal compensation.
The dispute began in 2015. The bank sought compensation for assets it said it lost after its operations in Crimea were halted. Before April 2014, PrivatBank operated branches there and held loans, real estate and cash on the peninsula.
In its final award, the tribunal rejected the Russian side’s objections that the investments were illegal and upheld its findings that it had jurisdiction and that the bank’s claims were admissible. Russia had not recognised the tribunal’s jurisdiction and challenged its decisions in Dutch courts.
PrivatBank said it intends to pursue enforcement of the award. The decision establishes the amounts awarded, but actual recovery depends on subsequent enforcement proceedings.