Arbitration Russia

Russia Appoints Former CJI DY Chandrachud as Arbitrator in Treaty Dispute with Ukrainian Bank Oschadbank

By ADR Journal Editorial Desk Published 6 sources Arbitration Bilateral Investment Treaty Investment Disputes Oschadbank Russia Russia

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TL;DR

  • Russia appointed former CJI DY Chandrachud as its arbitrator in an investment treaty dispute with Oschadbank.
  • Oschadbank seeks damages for lost assets in eastern and southern Ukraine.
  • A three-member tribunal under the 1998 Ukraine-Russia treaty has been constituted.
  • Costa Rican Dyalá Jiménez chairs the tribunal; Ukraine appointed Stavros Brekoulakis.

Overview

Russia has selected former Chief Justice of India DY Chandrachud as its appointed arbitrator in an investment treaty dispute with Ukraine's state-owned Oschadbank.

The dispute concerns alleged losses suffered by Oschadbank in the regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia following Russian military actions in Ukraine.

The arbitration is taking place under the 1998 Ukraine-Russia bilateral investment treaty before a three-member tribunal.

What Happened

Russia has appointed former Chief Justice of India DY Chandrachud as its party-nominated arbitrator in an investment arbitration initiated by the Ukrainian state-owned bank, Oschadbank.

Oschadbank alleges loss of assets and business operations in the Donetsk, Luhansk, Kherson, and Zaporizhzhia regions, following Russian military operations, particularly after the full-scale invasion in 2022.

The case is brought under the 1998 Ukraine-Russia bilateral investment treaty, with Oschadbank claiming hundreds of millions of dollars in damages.

The arbitral tribunal is chaired by Costa Rican arbitrator Dyalá Jiménez, jointly selected by both parties. Stavros Brekoulakis of the National University of Singapore is Oschadbank's appointee.

The legal teams are Quinn Emanuel and Asters for Oschadbank, and Pinna Goldberg for Russia.

Context

Oschadbank previously secured a Paris-seated UNCITRAL award of US$1.1 billion for Crimea-related losses, which has been subject to extended annulment and revision proceedings in France.

The current arbitration forms part of a series of treaty-based disputes arising from the Russia-Ukraine conflict and wider issues of state responsibility for expropriation.

DY Chandrachud had previously declined similar arbitrator nominations by Russia in other energy-related treaty claims.

Why It Matters

  • The appointment signals Russia's engagement in defending BIT arbitration claims arising from its actions in Ukraine.
  • Oschadbank's claim continues a series of high-value investment treaty arbitrations linked to Russia's territorial actions since 2014.
  • DY Chandrachud's involvement highlights continuing cross-border recognition of top jurists in major international arbitrations.
  • The case is expected to set procedural reference points for treaty-based claims involving disputed territories.

Sources

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