The Kyiv Court of Appeals has decided to seize the shares of the Ukrainian subsidiaries of Russian banks with the state’s participation, namely VTB, Prominvestbank and Sberbank (all based in Kyiv), according to a Sept. 5 court ruling.
According to the document, the decision was made in connection with the statement on securing the claim of ex-chairman of the board of PrivatBank Oleksandr Dubilet and 17 more companies, that had assets in Crimea, on recognizing and executing the decision of the Permanent Court of Arbitration in The Hague dated May 2 on recovery from the Russian Federation.
According to the case file, the Hague Arbitration awarded the plaintiffs approximately $130.5 million in compensation for real estate, $9.2 million in compensation for litigation costs, as well as interest on these amounts at a rate of 12-month LIBOR plus 1% of compound percent annually.
The ruling of the Kyiv Court of Appeals states the plaintiffs appealed to it for recognition of the arbitration decision made in July of this year, and on July 17 the Ukrainian court officially notified the debtor about the receipt of such a statement. In August, the plaintiffs initiated the arrest of shares in the Ukrainian subsidiaries of Russian banks and other security measures.
In particular, the September court ruling VTB, Prominvestbank and Sberbank from liquidating or reorganizing the legal entity, carrying out any actions aimed at alienating movable and immovable property belonging to the banks, including under contracts for sale, purchase, exchange, or donations.
