Ukraine’s Oschadbank won an appeal against Russia on July 1 after the Paris appeals court rejected Moscow’s challenge to a 2018 arbitration ruling ordering compensation for losses due to Russia's annexation of Crimea, the bank announced in a press release on July 3.

The Paris Court of Appeal upheld the November 2018 arbitration tribunal decision requiring Russia to compensate Oschadbank for damages incurred when Moscow annexed the Ukrainian peninsula in 2014.

The ruling orders Russia to pay more than $1.5 billion in damages and an additional 300,000 euros ($330,000) in legal costs to Ukraine's largest state-owned bank, according to a press release.

"The victory proves that efforts to force the aggressor state to answer legally for damages caused by the occupation of part of Ukraine's territory have good prospects," said Rosa Tapanova, a member of Oschadbank's supervisory board.

Oschadbank Chairman Serhii Naumov said it's the first Ukrainian bank to win such a case against Russia.

The decision follows Oschadbank's recent seizure of over 87 million euros ($102 million) in Russian assets in France as part of its campaign to recover war-related losses. The bank has been pursuing Russian assets across multiple jurisdictions to enforce the arbitration award.

"We understand that the Russian Federation will never voluntarily comply with the court's decision, and we are prepared for a long struggle," said Arsen Miliutin, deputy chairman of Oschadbank's management board.

"At the same time, we are confident that we will win, and Russia will pay not only the amount of damages caused, but also interest for all this time."

The Oschadbank victory adds to a growing list of Ukrainian legal wins against Russia. On June 23, Naftogaz CEO Serhii Koretskyi announced that an international arbitration tribunal in Switzerland had ordered Russia's Gazprom to pay the Ukrainian state energy company $1.37 billion after the Russian firm stopped fulfilling contract obligations in May 2022.

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The Kyiv IndependentAndrea Januta