Full Breakdown
Russia Appoints Former Indian Chief Justice D Y Chandrachud as Arbitrator in Oschadbank Investment Dispute
8/12/2026, 10:00:02 PM
Core Event
Russia has named former Chief Justice of India D Y Chandrachud as its sole arbitrator on a three-member tribunal that will hear an investment-treaty claim brought by Ukraine’s state-owned bank Oschadbank. The dispute, under the 1998 Russia-Ukraine BIT, concerns alleged losses to the bank’s assets in Donetsk, Luhansk, Kherson and Zaporizhzhia and is reported to be worth “hundreds of millions of dollars.”
Background & Context
Oschadbank initiated arbitration after sending Russia a notice of dispute in July 2025, which it says received no response. The bank alleges that Russian military actions caused substantial damage to its branches and holdings in the four regions. The case follows an earlier arbitration concerning Oschadbank’s assets in Crimea after Russia’s 2014 annexation. A tribunal seated in Paris awarded the bank roughly $1.1 billion in 2018; interest later raised the figure to about $1.3 billion. French courts set aside the award in 2021, reinstated it in 2022, and dealt with Russia’s attempts to revise the award through 2023-2024 proceedings. Oschadbank continues to seek enforcement of the original award in the United States, United Kingdom, Finland, the Czech Republic, and in discovery proceedings in New York.
Tribunal Composition
- President: Dyalá Jiménez – Costa Rican arbitrator and former trade minister, jointly selected by Russia and Oschadbank.
- Oschadbank’s nominee: Stavros Brekoulakis – Greek arbitrator and professor at the National University of Singapore.
- Russia’s nominee: D Y Chandrachud – former Chief Justice of India (served November 2022 to November 2024).
Chandrachud previously declined Russian invitations in 2025 to serve as arbitrator in separate treaty disputes involving Wintershall Dea and Ukrenergo. He was later designated by the Permanent Court of Arbitration as the appointing authority in the Wintershall case but stepped down after disclosing communications he had received from Russia.
Legal History of the Oschadbank Claims
- 2018 award: Approximately $1.1 billion, later increased to $1.3 billion with interest.
- 2021 French Court of Cassation: Set aside the award, accepting Russia’s argument about the BIT’s arbitration clause.
- 2022 French Court of Cassation: Reinstated the award.
- 2023-2024 decisions: Tribunal rejected Russia’s request to revise the award and ordered Moscow to bear the costs.
- Recent appellate action: Paris Court of Appeal annulled the tribunal’s decisions on Russia’s revision request, citing concerns over arbitrator Charles Brower’s impartiality. Russia has since sought to restart revision proceedings before the Permanent Court of Arbitration.
Legal Representation
- Oschadbank’s team: Partners Epaminontas Triantafilou and Alex Gerbi of Quinn Emanuel Urquhart & Sullivan, with Asters partners Oleksiy Didkovskiy, Andrii Pozhidayev and Oksana Legka.
- Russia’s team: Andrea Pinna, partner at Pinna Goldberg, counsel Pratyush Panjwani and senior associate Dimitrios Papageorgiou.
Ongoing Enforcement & Related Developments
Enforcement actions continue across multiple jurisdictions, reflecting the broader pattern of investment-treaty disputes arising from the Russia-Ukraine conflict. Parallel to the arbitration, the war persists, with recent missile and drone strikes reported in both Ukraine and Russia, underscoring the volatile environment in which the legal battle unfolds.
Impact and Significance
The appointment of a former Indian chief justice highlights the growing international recognition of Indian legal expertise in high-profile cross-border disputes and illustrates how sovereign-state investment treaties are being tested by wartime expropriation claims. The outcome may influence future arbitration under the 1998 BIT and shape the strategies of states and investors seeking redress for losses linked to armed conflict.
*Note on biography:* D Y Chandrachud was born on Nov 11 1959, into a prominent legal family, and served as India’s 50th chief justice from November 2022 to November 2024.
