Oschadbank has registered a seizure of €87 million worth of Russian assets in France as part of compensation for lost Crimean assets

Oschadbank has registered a seizure of around €87 million worth of russian assets located in various parts of France, a confirmation of which was received by the bank on 23 April. According to French law, Oschadbank, as the first claimant, has a priority right to satisfy its claims from the seized property. 

The French Republic has recognized the 2018 award of the Arbitral Tribunal in the claim of JSC Oschadbank against the russian federation in the amount of over USD 1.11 billion, which concerned compensation for losses incurred by Oschadbank as a result of russia’s unlawful expropriation of Oschadbank’s assets in Crimea following russia’s illegal invasion and occupation of that Ukrainian sovereign territory.

"Recovery of the aggressor country's assets in favour of a country that has been unjustifiably attacked is one of the manifestations of the inevitability of punishment for war crimes committed by russia in Ukraine. It is symbolic that the first decision on the recovery was made in France, which is the European leader in the negotiation process for a just peace for Ukraine. All our previous experience of litigation with russia on this case shows that this decision will not be complied with voluntarily, and that Oschad will face a long struggle to sell these assets. However we know how to work on credit. We are confident that justice will prevail," said Roza Tapanova, Member of the Supervisory Board of Oschadbank.

"The seizure of russia’s assets is part of Oschadbank's long-term systematic work in a number of jurisdictions. Oschad acts in accordance with international law, ensuring legal protection of its interests. We were the first state-owned company to receive an arbitration award on 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 our leadership in the recovery of seized property, relying on the bank's highly professional team and the leading international legal advisers engaged," said Sergii Naumov, Chairman of the Management Board of Oschadbank.

"Notwithstanding the successful progress of the recovery efforts in France, we will continue our efforts to enforce the arbitral award against Russia’s assets located everywhere, and by any and all available legal means. In addition, we are carefully recording all losses incurred by the bank after 2022, which will form the basis for further claims against the aggressor country," commented Arsen Miliutin, Deputy Chairman of the Management Board of Oschadbank.