The final hearings of the proceeding are scheduled for late March 2017.

The Ukrainian Oshchadbank intends to obtain from Russia the compensation, amounting to more than one billion dollars for assets in the annexed Crimea.

“On August 26, Oshchadbank submitted the statement of claim with the whole case. The amount of claims includes the price for loss of assets, the price for loss of business, the interests, which will be accrued before the adoption of the final decision by the Tribunal and before the actual receipt of compensation as per commercial rate, set by the Tribunal, and is more than $1 billion”, according to the message.

As per bank’s data, in accordance with its reasoned suggestion the Tribunal decided not to “double” the process and separate the issues of jurisdiction into separate proceeding: all the issues concerning jurisdiction, the essence of statement of claims and assessment of damages will be heard at one session, which will allow speeding up the case hearing significantly.

According to the message, if after the submission of the statement of claim by the Oshchadbank RF continues to refuse from participating in arbitration proceeding, then the statement of claim will be considered as per the accelerated time schedule before the final hearing, which is currently scheduled for late March 2017.

The next procedural step will be the hearing of case on the merits at the court session.

According to the National Bank, as of July 1, 2016, Oshchadbank ranked the second in terms of the size of total assets (UAH 185.077 bln) among 108 operating banks.

Source: press-office of the bank.