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PrivatBank is pleased to report that on 12 September 2019 the Permanent Court of Arbitration in Hague in its investment treaty arbitration against the Russian Federation rejected the Russian Federation’s application to reconsider its findings on jurisdiction and liability as set out in its Interim Award dated 24 February 2017 and its Partial Award dated and 4 February 2019.
The arbitration was commenced by PrivatBank on 13 April 2015 for breaches of the Russian Federation’s obligations towards PrivatBank’s assets in Crimea under the Bilateral Investment Treaty between Ukraine and the Russian Federation. The Russian Federation did not participate in the arbitration until after the Tribunal had issued its Awards. The Russian Federation has now appointed counsel of record in the arbitration, and the proceedings will continue to their next phase.
Further information about the arbitration proceedings can be found on the PCA’s website (https://pca-cpa.org).