RNKB intends to initiate international arbitration against Ukraine due to expropriation of assets

On June 3, 2024, RNKB Bank sent an official notification to the Ukrainian authorities about the existence of a dispute based on the agreement between the government of the Russian Federation and the Cabinet of Ministers of Ukraine on the promotion and mutual protection of investments dated November 27, 1998 and the intention to initiate international arbitration against the Ukrainian state, calling it to international legal responsibility . Copies of the notification were sent to the President of Ukraine, the Prime Minister, the Ministers of Justice, Foreign Affairs, Finance of Ukraine and the Chairman of the National Bank of Ukraine— stated in the message.

The bank proposes to settle the dispute by paying him fair compensation for the “illegal expropriation of his assets.” “In the absence of a response from Ukraine within 6 months, RNKB intends to initiate arbitration proceedings on the basis of Art. 9 of the agreement,” the message says.