REUTERS
The arbitration award is final and binding on the parties.
Ukraine's state-run Oschadbank (Savings Bank) has already estimated the Russian Federation owes it US$180 million in fines under a US$1.3 billion award by the International Court of Arbitration of the International Chamber of Commerce (ICC) in Paris for Crimean assets lost as a result of the annexation of the peninsula by Russia.
"As of now, the [penalty] interest accrued is about US$180 million. The amount grows by nearly $100,000 every day," Oschadbank Governor Andriy Pyshnyi told UNIAN on December 6.
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He says Russia does not recognize the award, but there are rules of international law recognized across the world.
"The arbitration award is final and binding on the parties, which are obliged to execute it without delay," he said.
According to Pyshnyi, Russia cannot appeal against the decision via a notice of appeal, but only by filing a lawsuit for its cancellation. But the grounds for canceling such decisions under French law are very limited.
"We'll be searching for assets of the Russian Federation or state-owned companies of the aggressor country around the world. We'll be seizing and selling them. The decision by the international investment arbitration court on a dispute between the bank and Russia can be enforced in 154 jurisdictions," he added.
As UNIAN reported earlier, the International Arbitration Court ruled on November 26, 2018, that $1.3 billion should be recovered in favor of Ukraine's Oschadbank as compensation for the losses caused by the annexation of Crimea in 2014.
Russia annexed Ukraine's Crimea in March 2014 after its troops had occupied the peninsula. An illegal referendum was held for Crimeans to decide on accession to Russia.
De-facto Crimean authorities reported that allegedly 96.77% of the Crimean population had voted for joining Russia. On March 18, 2014, the so-called agreement on the accession of Crimea and the city of Sevastopol to Russia was signed in the Kremlin.
The West did not recognize the annexation in response to which sanctions against Russia were introduced.
Ukraine's parliament voted to designate February 20, 2014, as the official date when the temporary occupation of Crimea began.
UNIAN memo. State-run Savings Bank of Ukraine, or Oschadbank, was registered by the National Bank of Ukraine on December 31, 1991. It is wholly owned by the state.