Latest development Jul 19, 2026
Russia asked the PCA to resume its revision application before a newly constituted tribunal.
The award
- Amount awarded
- $1.11B ($1,111,300,729) plus pre- and post-award interest at six-month U.S. dollar LIBOR plus 2%, compounded annually, plus costs (Oschadbank claims $731,400 in arbitration costs and $3.13M in legal fees and expenses)
- Current estimate
- Oschadbank put the amount due at more than $1.5B with interest and costs (July 2025).
- Award holder
- JSC State Savings Bank of Ukraine (Oschadbank)
- Respondent
- Russian Federation
- Forum
- PCA Case No. 2016-14 · Russia–Ukraine BIT · UNCITRAL (1976) · seat Paris
Challenges
The Paris Court of Appeal set the award aside in March 2021. The Cour de cassation quashed that ruling on December 7, 2022, and on remand the Paris Court of Appeal dismissed all of Russia’s grounds on July 1, 2025. Russia has appealed to the Cour de cassation again (grounds filed July 1, 2026). On June 23, 2026, the Paris Court of Appeal annulled the tribunal’s December 11, 2023 decision rejecting Russia’s 2019 revision application, and the related 2024 costs award, citing doubts about a co-arbitrator’s impartiality. Russia asked the PCA on July 19, 2026 to resume the revision proceeding. Oschadbank says any new revision application would fail and would not affect the award’s enforceability.
Enforcement
Ukraine: recognized by the Kyiv Court of Appeal (July 17, 2019), followed by a Supreme Court of Ukraine resolution (November 10, 2020). France: Oschadbank registered an attachment of about €87M of Russian assets, confirmed April 23, 2025. U.S.: a petition to confirm pending in D.D.C. since March 2023 (No. 1:23-cv-00764) and a New York state action for the same sums (Index No. 154401/2026), which Russia removed to S.D.N.Y. on April 29, 2026. England: claim CL-2023-000502 is stayed by consent until the Cour de cassation rules (order of July 13, 2026). GAR also reports proceedings in Finland and the Czech Republic.
Recovered to date
None reported. No sale of the attached French assets has been reported.
Notes
The type of assets attached in France and the court or procedure used were not disclosed in the sources found. The status of Russia’s 2024 motions to dismiss and to stay in D.D.C. was not confirmed.