Michael MacKay, Radio Lemberg, 16.02.2019
The essential character of the Russian Federation is that it is a crime syndicate in the form of a state. It is a mistake to ascribe geopolitical considerations as the only reason the Russian Federation invaded Ukraine. Robbery was the motive, overwhelmingly. Unable to produce and create in their own right, the Russians wage war on neighbour Ukrainians to steal what they have instead.
The Russian invader-occupiers of Ukraine stole the assets of PrivatBank and Oschadbank in Crimea. They did this in 2014, when the Russian Federation’s war against Ukraine began.
On Friday, February 15, the Permanent Court of Arbitration in The Hague announced a partial arbitration decision in favour of PrivatBank against the Russian Federation. The court first recognized that it has jurisdiction over PrivatBank’s claims against the Russian Federation. It will leave the question of compensation for the next stage of arbitration. PrivatBank is seeking more than $1 billion for the money the Russian Federation stole.
“The court acknowledged that Russia had violated its obligations under a bilateral agreement on the promotion and mutual protection of investments, illegally expropriating the assets of PrivatBank in Crimea, and that PrivatBank has the right to reimbursement for such expropriation in full,” said PrivatBank in a statement.
Late last year, the Permanent Court of Arbitration ruled in favour of Oschadbank in its claim against the Russian Federation. The court ordered the Russians to pay Oschadbank $1.3 billion.
Assets of Russian banks in Ukraine have been seized to make up part of the compensation – which the Russians refuse to pay.
The Russian Federation is a country where there is no rule of law and where there is no abiding by contracts. It is not a place for legitimate business. The Russian Federation’s invasion of Ukraine and bank robbery there exposes its true character as a criminal syndicate in the guise of a state.