Oschadbank (Kyiv) has
announced arbitration proceedings against the Russian Federation to continue
its claims for the investment lost in Crimea, according to a press release from
the bank.
"Oschadbank
on January 18 filed a report on arbitration proceedings against Russia in
accordance with the Arbitration Rules of the United Nations Commission on
International Trade Law of 1976. This is the next step in resolving
Oschadbank's legal complaints againstRussia. The bank acts as an investor and a
legal entity of private law for the economic protection and restoration of its
lost investments in Crimea," reads a statement.
The press service said
that Oschadbank in July 2015 sent a formal notification in writing to the
authorized representatives of the Russian Federation about the claims resulting
from the illegal treatment of its Crimean investment in violation of numerous provisions
of the agreement between the governments of Ukraine and Russia on the
encouragement and mutual protection of investment dated Nov. 27, 1998, as well
as international law.
By this Oschadbank informed the Russian side about the
existence of a dispute and insists on resolving discrepancies with Russia in
order to compensate Oschadbank for the damage.
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