By Sarthak Malhotra
A number of press reports suggest that PrivatBank (Dnipropetrovsk), the largest commercial bank in Ukraine, has decided to initiate arbitration proceedings against Russia in order to protect the investment that the bank allegedly lost due to the 2014 annexation of Crimea by the Russian Federation.
The Bank’s press service was quoted as saying:
PrivatBank jointly with Finilon finance company has initiated arbitration proceedings against the Russian Federation for the protection of the investment lost in Crimea. An arbitration court has been formed and will carry out the proceedings in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL).