Asters, together with Quinn Emanuel Urquhart & Sullivan UK LLP, acting as a lead counsel, have achieved a landmark victory for PrivatBank in the arbitration proceedings against the Russian Federation under the 1998 Ukraine-Russia Bilateral Investment Treaty.
The Final Award issued on 1 October 2026 marks the culmination of PrivatBank’s 11-year legal battle to recover losses stemming from the expropriation of the Bank's assets in Crimea following Russia’s illegal annexation of Crimea in 2014.
In its Final Award, the Tribunal unanimously dismissed all of Russia's objections and awarded PrivatBank substantially all of the principal amount claimed, together with the interest accruing from 18 April 2014 until the date of actual payment. The Tribunal also ordered Russia to bear the costs of the arbitration and reimburse a significant portion of PrivatBank’s legal costs.
Asters' Partner Oksana Legka commented: "This Final Award ranks among the pivotal victories of Ukrainian companies against Russia. It underscores the effectiveness of international legal mechanisms for protecting investors, even in the context of the ongoing aggression."
Asters' team working on the case included Managing Partner Oleksiy Didkovskiy, Partner Oksana Legka, Counsels Anna Tkachova and Daryna Ushchapivska, Associates Maksym Zeltser and Oleksandr Lutsenko.
Asters is the largest full-service law firm in Ukraine with offices in Kyiv, London and Washington, D.C. The firm has access to over 125 jurisdictions through a well-developed network of partner law firms.