Oschadbank filed a lawsuit against Russia on the Crimean assets of $1bln

Oschadbank filed a lawsuit against Russia on the Crimean assets of $1blnOschadbank has filed a lawsuit against Russia in terms of assets in Crimea amounted to $1bln. Next step is a hearing in the court.

Oschadbank pres-office released a statement:"Today, on August 26 Oschadbank filed a lawsuit with all the evidence base . Along with the sum of the requirements that include the cost of assets loss, loss of business costs, and it also includes interests that will be credited before the final decision has made by the Tribunal and before the actual receipt of the payment at the commercial rate determined by the Tribunal and amounts to more than $bln."

It is reported that in the first procedural conference held on July 26, 2016 the titled arbitral tribunal issued its first procedural order on the arbitration case: "...all matters relating to the jurisdiction , the essence of the claim and the damage assessment will be heard in one sitting . This will greatly speed up the examination of the case."

In addition, the bank noted that if, after filing a claim, the Russian Federation will continue to refuse to participate in the arbitration , the Tribunal decided that the claim will be considered on an accelerated time schedule until the final hearing that is currently scheduled for the end of March 2017.
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