On 20 January 2016, i.e. after the expiration of the six-month period granted for the disputes settlement through negotiations, Oschadbank initiated an arbitration proceeding in accordance with paragraph (c) of Part 2, Article 9 of the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation on Encouragement and Mutual Protection of Investments and the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL) and sent RF a notice thereof dated 18 January 2016. Oschadbank also appointed its arbitrator in this notice (Charles N. Brower).