The Hague has awarded PrivatBank and Kolomoyskyi $192 million for assets in Crimea

An international arbitration tribunal has ordered Russia to pay Ukraine’s PrivatBank and claimants linked to Ihor Kolomoyskyi a total of $192.37 million in compensation, plus interest, in two long-running disputes over investments in Crimea.

Final awards in both cases were issued on 1 October 2026, according to press releases from the Permanent Court of Arbitration in The Hague.

In the PrivatBank case, the arbitral tribunal ruled that Russia must immediately pay the bank $180.874 million, as well as interest accrued from 18 April 2014 until the date of payment. Furthermore, the tribunal apportioned the costs of the proceedings between the parties.

The dispute had been ongoing since April 2015. PrivatBank and the financial company Finilon claimed that Russia’s actions had deprived them of the opportunity to continue their banking operations in Crimea after it came under Russian control. The proceedings were conducted on the basis of the 1998 agreement between Russia and Ukraine on the mutual protection of investments and the UNCITRAL Arbitration Rules.

Back in 2019, the arbitral tribunal recognised that it had jurisdiction over PrivatBank’s claims and that Russia had breached the provisions of the investment agreement in relation to its assets. Finilon’s claims were excluded from the tribunal’s jurisdiction at that time.

Russia subsequently joined the proceedings and, amongst other things, argued that PrivatBank’s investments had been obtained through corruption, fraud and violence. In its final award, the tribunal rejected these objections.

A separate award was issued in respect of the claim brought by Belbek Airport LLC and Ihor Kolomoyskyi. The claimants argued that Russia’s actions had deprived them of their property rights and other rights relating to the operation of the passenger terminal at Belbek Airport in Crimea.

In this case, the arbitral tribunal ordered Russia to pay the claimants $11.5 million, plus interest accruing from 16 June 2014 until the date of actual payment.

Back in 2019, the arbitrators had already found the claimants’ claims admissible and established that Russia had breached Article 5 of the bilateral investment treaty. The question of the amount of compensation was then left to be determined at a separate stage of the proceedings.

Consequently, the nominal amount of compensation awarded in the two cases totals $192,374,000. The actual amount of the claims against Russia will be higher, taking into account interest accrued over more than 12 years – from 2014 until the date of payment.