The Paris Court of Appeal has confirmed a 2018 decision that requires Russia to compensate Ukraine’s state-owned Oschadbank with $1.5 billion in damages for losses stemming from the annexation of Crimea. The ruling also includes an additional EUR 300,000 in legal costs to be borne by Russia.
The case, which has been closely followed by legal experts and international observers, represents a significant legal victory for Ukraine in its ongoing efforts to seek justice and reparations for the economic damage caused by Russia’s annexation of Crimea in 2014. The French court’s decision to uphold the original ruling underscores the importance of international legal mechanisms in addressing transnational disputes.
Oschadbank, which has been a major player in Ukraine’s banking sector, has long been advocating for compensation for the losses incurred due to the Russian occupation. The court’s decision to award the legal fees highlights the substantial costs associated with pursuing such high-profile cases in international courts.
Legal analysts suggest that while the ruling is a major victory for Ukraine, the actual implementation of the compensation remains a challenge. Russia has consistently denied the allegations and has not yet made any public statements regarding the court’s decision. The case may serve as a precedent for other international claims related to the annexation of Crimea and its economic consequences.