JSC CB PrivatBank v The Russian Federation - PCA Case No 2015-21 - Interim Award - 27 March 2017
Country
Year
2017
Summary
INTERIM AWARD (CORRECTED)
The Arbitral Tribunal
Professor Pierre-Marie Dupuy (Presiding Arbitrator)
Sir Daniel Bethlehem QC
Dr. Vaclav Mikulka
I. INTRODUCTION
1. The claimants in this arbitration are: (i) PJSC CB PrivatBank, a commercial banking institution registered at ... . The Claimants are represented in these proceedings by Messrs. John M. Townsend, James H. Boykin and Vitaly Morozov of Hughes Hubbard & Reed LLP, ...; Messrs. Marc-Olivier Langlois and Leon Ioannou of Hughes Hubbard & Reed LLP, ...; and Professor Dr. Kaj Hober of 3 Verulam Buildings, ...
2. The respondent in this arbitration is the Russian Federation, a sovereign State (the "Respondent", and, together with the Claimants, the "Parties"). As of the date of this Interim Award, the Respondent had not appointed any representatives in these proceedings.
3. The arbitration concerns measures allegedly taken by the Russian Federation in 2014-2015 that are said to have violated the Claimants' rights under Articles 2,3 and 5 ofthe Agreement Between the Government of the Russian Federation and the Cabinet of Ministers of Ukraine on the Encouragement and Mutual Protection ofInvestments dated 27 November 1998 (the "Treaty") in respect of their investment in a banking network in the Crimean Peninsula.
...
VIII. DECISION
For the foregoing reasons, the Tribunal finds that:
1. the Russian Federation has assumed obligations under the Treaty in respect of Ukrainian investors and their investments in the Crimean Peninsula as of 21 March 2014;
2. there is a dispute between the Parties arising in connection with what the Claimants allege to constitute "investments" under the Treaty; and
3. the Claimants have satisfied the notice and negotiation requirements under Article 9 of the Treaty.
The Tribunal joins the consideration of all other issues ofjurisdiction or admissibility to the merits of the proceedings and defers any decision on the costs of arbitration to the next phase of the arbitration.
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