Oschadbank wins appeal in Paris: Russia must pay more than 1.5 billion for Crimea

The French court dismissed Russia's complaint and confirmed the decision to compensate more than $1.5 billion for the damage caused by the annexation of Crimea. The court also recovered 300 thousand euros in court costs from Russia, and the Ukrainian side has already seized Russian assets worth more than 87 million euros.

This was reported by the bank's press service.

On July 1, 2025, the Paris Court of Appeal upheld the 2018 decision of the Arbitration Tribunal, which ordered Russia to compensate for the damage caused by the annexation of Crimea. The court dismissed Russia's appeal, confirmed the recognition of the award in France, and additionally ordered to recover EUR 300 thousand in legal costs from Russia.

Oschadbank, which acted as a plaintiff in the case, emphasized that the court estimated the amount of damages at more than USD 1.5 billion, and the process of recovering these funds is currently ongoing. The bank also reported that it had previously managed to seize Russian assets in France worth more than 87 million euros.

"This is another proof that bringing the aggressor state to justice in the international legal field is a very real task," said Rosa Tapanova, a member of the institution's supervisory board.

Serhiy Naumov, Chairman of the Board, called this victory an important milestone for other Ukrainian companies that have suffered losses due to the war. According to him, the bank became the first Ukrainian financial institution to win a case against Russia in this format.

Arsen Miliutin, Deputy Chairman of the Board, added that the bank is actively working on the implementation of the arbitral award in various jurisdictions, as voluntary compliance by Russia is not to be expected. The institution is also preparing new evidence to seek compensation for damages incurred after 2022.

In April, the Parliamentary Assembly of the Council of Europe (PACE) adopted a resolution that for the first time explicitly recognizes the need to take into account the damage caused to Ukraine by Russia since 2014, including the occupation of Crimea. This document paves the way for compensation for damages, emphasizing the importance of taking into account the damage caused by aggression and violations of the rights of the peninsula's residents.

The resolution also endorsed the addition of seven new categories of claims to the Register of Damages, including missing persons, torture, sexual violence, ill-treatment and grievous bodily harm.

Анна Бальчінос