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The Permanent Court of Arbitration at The Hague today made a public announcement of a Partial Award in favor of PrivatBank and against the Russian Federation issued by an international arbitral tribunal at The Hague.
In a Partial Award dated 4 February 2019, announced today, the Arbitral Tribunal found that it has jurisdiction over all of PrivatBank’s claims against the Russian Federation, that the Russian Federation breached its obligations under the Ukraine-Russia bi-lateral investment treaty by unlawfully expropriating PrivatBank’s investments in Crimea, and that PrivatBank is entitled to full compensation for that expropriation.
The Arbitral Tribunal reserved for the next phase of the arbitration the question of how much compensation is due to PrivatBank for the Russian Federation’s unlawful actions. PrivatBank seeks compensation in excess of USD 1 billion.