Since 2014, more than 5 investment arbitrations have appeared in the work of the ministry, in which, just like in the story with Sense Bank, the expropriation of foreign assets on the territory of Ukraine was announced. Deputy Minister of Justice Irina Mudra reported this in response to a request from the Ministry of Finance.
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5 investment arbitrations
State Development Corporation “VEB.RF” v. Ukraine – accusation of the Russian Vnesheconombank of expropriation of investments that were made in the Ukrainian bank PJSC Prominvestbank.
Gilward Investments B.V. v. Ukraine – accusation of the Dutch company Gilward Investments B.V. (which was a shareholder of the bankrupt Aerosvit airline) of expropriation of 18.5 hectares of land.
Misen Energy AB (publ) and Misen Enterprises AB v. Ukraine – an accusation against a Swedish energy company of indirect expropriation of investments in connection with certain regulatory measures.
Read: The Ministry of Justice of Ukraine denied filing a lawsuit for the nationalization of Sense Bank and spoke about the content of the request of the ex-owners
Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine – accusation of the Dutch Emergofin B.V. and Cypriot Velbay Holdings Ltd. in the expropriation of shares of OJSC Zaporozhye Aluminum Production Plant. The plaintiffs are associated with the Russian RusAl and its owners Oleg Deripaska and Mikhail Prokhorov.
“The Ministry of Justice notes that in the cases mentioned above, no final arbitration decisions have yet been made,” Irina Mudra clarified to us.
Earlier, the Ministry of Finance wrote that the former shareholder of the Ukrainian Sense Bank, ABH Holdings SA from Luxembourg, has not yet filed a lawsuit against Ukraine for nationalizing the bank; it has only registered a request for arbitration with the International Center for the resolution of investment disputes (International Center for Settlement of Investment Disputes, ICSID).
The nationalization of Sense Bank took place on July 21, 2023. And on January 4, 2024, the company ABH Holdings SA (ABHH), controlled by the Russian ex-owners of the Ukrainian Alpha, announced the filing against Ukraine on December 29, 2023 of a “request for arbitration and a statement of claim” (quote) to the International Center for the Resolution of Investment Disputes ( International Center for Settlement of Investment Disputes, ICSID).