In France, Russian assets worth €87 million were seized for Oschadbank’s losses in Crimea

Oschadbank announced the seizure of Russian assets in France worth EUR 87 million, which the state bank registered as part of compensation for lost Crimean assets, UNN writes.

Oschadbank has registered the seizure of Russian assets in France worth about EUR 87 million – confirmation of this was received by the bank on April 23. According to French law, Oschadbank, as the first applicant, has a priority right to satisfy its claims from the seized property,

The French Republic, as indicated, recognized the decision of the Arbitration Tribunal of 2018 in the lawsuit of JSC “Oschadbank” against the Russian Federation for more than USD 1.11 billion, which concerned compensation for losses incurred by Oschadbank as a result of the illegal expropriation by Russia of Oschadbank’s assets in Crimea after the illegal invasion and occupation of this sovereign territory of Ukraine.

“The recovery of the aggressor country’s assets in favor of the country that suffered an unfounded attack is one of the manifestations of the inevitability of punishment for the war crimes committed by Russia in Ukraine. It is symbolic that the first decision on recovery was made in France, which is a leader in Europe in the negotiation process for a just peace for Ukraine. All our previous experience of litigation with Russia in this case shows that this decision will not be implemented voluntarily, and that Oschad expects a long struggle for the realization of these assets. But we know how to work “in the long run”, – said Roza Tapanova, a member of the Supervisory Board of Oschadbank.

“The seizure of Russian assets that took place is part of the long-term systematic work of Oschadbank, which is carried out in a number of jurisdictions. (…) We were the first state-owned company to receive an arbitration award for compensation for losses in connection with the illegal expropriation by Russia of Ukrainian property in Crimea. We will do everything in our power to continue to be the first in the recovery of seized property,” said Serhiy Naumov, Chairman of the Board of Oschadbank.

“Despite the successful progress in recovering damages in France, we will continue our actions to enforce the arbitration award on Russian assets in all available legal ways. In addition, we carefully record all losses incurred by the bank after 2022 – they will become the basis for further lawsuits against the aggressor country,” commented Arsen Miliutin, Deputy Chairman of the Board of Oschadbank.

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