Russia’s Sberbank to appeal against Ukraine’s move to seize its assets

Reuters | 12 May 2022

Russia’s Sberbank to appeal against Ukraine’s move to seize its assets

May 12 (Reuters) - Russia’s top lender Sberbank (SBER.MM) said on Thursday it was initiating investment arbitration proceedings against Ukraine after its parliament approved a presidential decree allowing for the forced seizure of Sberbank-owned assets in the country.

Ukraine’s parliament, or Rada, on Thursday approved President Volodymyr Zelenskiy’s decree that allows Ukraine to forcibly seize the assets of Sberbank-owned International Reserve Bank, news agency Interfax Ukraine reported.

The decree also allows the seizure of a subsidiary of Russian state development bank VEB, Prominvestbank.

"Sberbank initiates investment arbitration against Ukraine claiming damages," the bank said in a statement, referring to a 1998 agreement on the mutual protection of investments between the two countries.

source: Reuters