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The documents are the basis for the implementation of the arbitration award in Ukraine.
Ukraine's state-run Oschadbank (Savings Bank) has received writs of execution from Kyiv's Court of Appeals, which recognized the ruling by the International Court of Arbitration to recover compensation from the Russian Federation for the losses caused by the annexation of Crimea in 2014.
Read alsoRussia challenges recovery of US$1.3 bln in favor of Ukraine's Oschadbank
The documents received are the basis for the implementation of the arbitration award in Ukraine and for compensation of US$1.3 billion in losses plus interest that is accrued daily until the decision is executed, the bank's press service said on September 18.
Oschadbank is carrying out all necessary procedural actions to open enforcement proceedings and properly protect its interests.
UNIAN memo. The Russian Federation in March 2014 annexed Ukraine's Crimean peninsula after an internationally unrecognized referendum.
Since August 7, 2014, the National Bank has ordered Ukrainian banks to suspend all types of financial transactions in areas not controlled by the Ukraine government.
In November 2018, the International Court of Arbitration of the International Chamber of Commerce (ICC) in Paris ruled that US$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. The arbitration award is final and binding on the parties. According to the bank, about US$97,000 in penalties is charged daily from the day when the award was issued.