The Supreme court allowed the arrest of shares of Russian banks

Верховный суд разрешил арестовать акции российских банков

The Supreme court allowed the arrest of shares of Russian banks for the recovery of compensation for the annexation of Crimea and “nationalized assets.”

This is stated on the official website of the court.

According to the report, in July 2018 18 legal entities and one natural person has asked the Kyiv court of Appeals to admit and permit the execution of the decision of the court of Arbitration in the Hague (Netherlands) on may 2, 2018 in the case of the recovery of the Russian Federation of compensation for the assets in the occupied Crimea.

The statement claimed that on the territory of Ukraine is the property of the debtor. The applicant requested the seizure of registered shares of “savings Bank”, “Prominvestbank” and “VTB Bank”.

The appellate court of Kiev satisfied the statement of the claim and the application for recognition and permission for enforcement of the decision of the Arbitration court.

The Supreme court examined the complaint and decided to uphold the decision of the second Appellate court of Kiev. At the same time the complaint against the decision on the claim granted in part. The final decision will be published on 1 February.

Remember:

The Kyiv court of appeals on 5 September, decided to seize the shares of Ukrainian “daughters” Russian banks with state participation: VTB, Prominvestbank and Sberbank.

This definition was made in connection with the statement on the claim about a recognition and execution of decisions of the International court of arbitration in the Hague (Permanent Court of Arbitration) from may 2 to collect from the Russian Federation of compensation for the immovable property.

Determination by court on 5 September, VTB Bank, Prominvestbank and Sberbank were also forbidden to carry out the liquidation or reorganization of a legal entity to take any action to alienate the banks of movable and immovable property, including under contracts of purchase and sale, exchange, donation, etc.

However, this determination was appealed to the Supreme Court on September 14.

The Hague arbitration previously reported on the decision in favor of the plaintiffs in the case, however, his details were missing. According to the regulations of the UNCITRAL (United Nations Commission on International Trade Law) of 1976, which was referred to arbitration, an award shall be made in writing and is final and binding on the parties. The parties undertake to carry out the award without delay.

The above proceedings were initiated by the plaintiffs against Russia on 19 June 2015 under the agreement between the governments of Russia and Ukraine from 27 November 1998 on the protection of investments of Russian-Ukrainian bilateral investment contract (bits) and in accordance with the rules of UNCITRAL.

The plaintiffs claimed that Russia violated its obligations by adopting August 2014 measures that prevent their investment in the Crimea real estate and ultimately led to the expropriation of these investments.

Among the plaintiffs, in particular, the company “AEROBUD”, “Crimea development”, “Hiba-Tur”, “UBK-invest”, “Edelweiss-2000”, PE “Planeta”, “Privation”, “Prevalent”, “Dan-Panorama”, “Sanatorium Energetik” AMC “Financial capital” and AMC “Fiscal vector”.

Верховный суд разрешил арестовать акции российских банков

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