THE PERMANENT COURT OF ARBITRATION IN THE HAGUE AWARDED IN FAVOUR OF PRIVATBANK AND AGAINST THE RUSSIAN FEDERATION REGARDING THE EXPROPRIATION OF THE BANK'S ASSETS IN CRIMEA 15.02.2019

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Today, the Permanent Court of Arbitration in The Hague officially announced a partial arbitral award in favor of PrivatBank and against the Russian Federation.

In partial arbitral award dated 4 February 2019 the Court found that it had jurisdiction over all claims of PrivatBank against the Russian Federation, that the Russian Federation violated its obligations under the bilateral Agreement on Encouragement and Mutual Protection of Investments by illegal expropriation of PrivatBank’s assets in Crimea, and that PrivatBank was entitled to compensation for such expropriation in full.

The Court will decide on the amount of compensation, which shall be paid to PrivatBank for the illegal actions of the Russian Federation in the next stage of the arbitral consideration. PrivatBank seeks to receive compensation in the amount exceeding USD 1 billion.