Kyiv Court of Appeal satisfied the application of Oschadbank and granted permission for the execution of the Arbitral Tribunal award
Events
Kyiv Court of Appeal satisfied the application of Oschadbank and granted permission for the execution of the Arbitral Tribunal award dated 26 November 2018. The decision is available at link. This decision ruled to:
- satisfy the application of Oschadbank for recognition and granting permission to execute the decision of the Arbitral Tribunal dated 26 November 2018 in the PCA case No. 2016-14 on the claim of Oschadbank v. the Russian Federation represented by the Ministry of Justice of the Russian Federation regarding compensation for damages;
- recognize and grant permission to enforce the award of the Arbitral Tribunal dated 26 November 2018 in the PCA case No. 2016-14 on the claim of Oschadbank v. the Russian Federation represented by the Ministry of Justice of the Russian Federation to recover funds as compensation for expropriation of Oschadbank’s investments in the Crimean peninsula;
- issue a writ of execution to recover from the RF represented by the Ministry of Justice of the Russian Federation in favor of Oschadbank damages in the amount of 1,111,300,729 (one billion one hundred eleven million three hundred thousand seven hundred twenty-nine) US dollars;
- issue a writ of execution to recover from the RF represented by the Ministry of Justice of the Russian Federation in favor of Oschadbank the costs of arbitration, including administrative costs of the Permanent Chamber of Arbitration as well as remuneration for and costs of members of the Arbitral Tribunal in the amount of 731,400 (seven hundred thirty-one thousand four hundred) US dollars;
- issue a writ of execution to recover from the RF represented by the Ministry of Justice of the Russian Federation in favor of Oschadbank the amount of legal representation costs, remunerations for experts and related costs in the amount of 3,134,907 (three million one hundred thirty-four thousand nine hundred seven) US dollars 34 (thirty-four) cents;
- issue a writ of execution to recover from the RF represented by the Ministry of Justice of the Russian Federation in favor of Oschadbank interest accrued before the delivery of the award on 1,111,300,729 (one billion one hundred eleven million three hundred thousand seven hundred twenty-nine) US dollars from 31 March 2014 to the date of the award – 26 November 2018, at the average (calculated for the period between the valuation date, 31 March 2014, and the date of this award) semi-annual LIBOR rate in US dollars plus 2%, given an annual capitalization;
- issue a writ of execution to recover from the RF represented by the Ministry of Justice of the Russian Federation in favor of Oschadbank interest accrued after the delivery of the award on the amounts specified in paragraphs (3), (4) and (5) of the award, in total amounting to 1,115,167,036 (one billion one hundred fifteen million one hundred sixty-seven thousand thirty-six) US dollars 34 (thirty-four) cents from the date of the award (26 November 2018) until payment in full, at the average (calculated for the period between the valuation date, 31 March 2014, and the date of this award) semi-annual LIBOR rate in US dollars plus 2%, given an annual capitalization and annual accrual of compound interest;
- collect from the RF represented by the Ministry of Justice of the Russian Federation in favor of Oschadbank court costs, namely court fees for filing an application for recognition and granting permission to execute the decision of the international commercial arbitration in the amount of UAH 960.50.