Former Chief Justice of India D Y Chandrachud has been appointed by Russia as its arbitrator in an investment treaty dispute brought by Ukrainian state-owned Oschadbank over assets and operations allegedly lost in territories affected by Russia’s military actions in Ukraine.
The arbitration, reportedly involving claims worth hundreds of millions of dollars, is being heard by a three-member tribunal under the 1998 bilateral investment treaty between Russia and Ukraine.
Justice Chandrachud is Russia’s nominee on the tribunal. Oschadbank has appointed Greek arbitrator and National University of Singapore professor Stavros Brekoulakis, while Costa Rican arbitrator and former trade minister Dyalá Jiménez will preside over the tribunal after being jointly selected by the two sides.
Dispute Concerns Oschadbank Assets In Four Ukrainian Regions
The proceedings concern Oschadbank’s assets and business operations in Donetsk, Luhansk, Kherson and Zaporizhzhia. The Ukrainian state-owned bank claims it lost those assets following Russian military actions, particularly after the full-scale invasion of Ukraine in 2022.
Oschadbank is understood to have initiated arbitration after sending Russia a notice of dispute in July 2025. The notice allegedly received no response.
The case has been brought under the 1998 Agreement between the Government of the Russian Federation and the Cabinet of Ministers of Ukraine on the Encouragement and Mutual Protection of Investments.
Separate From Earlier $1.1 Billion Crimea Arbitration
The latest proceedings are distinct from Oschadbank’s earlier investment arbitration against Russia arising from the loss of its assets and operations in Crimea after Russia’s annexation of the peninsula in 2014.
In that dispute, a tribunal constituted under the Permanent Court of Arbitration found Russia liable for unlawful expropriation and awarded Oschadbank approximately $1.1 billion in damages, besides interest and arbitration costs.
Russia did not participate in those proceedings, though the arbitration continued under the applicable rules.
Chandrachud Had Earlier Declined Russian Approaches
Justice Chandrachud’s appointment in the Oschadbank dispute follows earlier approaches from Russia that he had declined.
Russia had previously approached him to act as its arbitrator in treaty disputes involving German energy company Wintershall Dea and Ukrainian state energy company Ukrenergo.
Justice Chandrachud had also been designated by the Permanent Court of Arbitration as the appointing authority in the Wintershall proceedings. He subsequently stepped down from that role after disclosing communications received from Russia.
His acceptance of the Oschadbank appointment therefore differs from his decision not to accept Russia’s earlier approaches in those disputes.
Legal Teams In The Arbitration
Oschadbank is represented by Quinn Emanuel Urquhart & Sullivan partners Epaminontas Triantafilou and Alex Gerbi, together with Asters partners Oleksiy Didkovskiy, Andrii Pozhidayev and Oksana Legka.
Russia is represented by Pinna Goldberg partner Andrea Pinna, counsel Pratyush Panjwani and senior associate Dimitrios Papageorgiou.
The arbitration is among the investment disputes arising from Russia’s military actions in Ukraine and claims concerning Ukrainian businesses and assets in territories under Russian control.
War Continues Amid Missile And Drone Strikes
The arbitration comes as fighting between Russia and Ukraine continues. At least 10 civilians were killed in Russian missile, drone and glide-bomb attacks across Ukraine on Tuesday, according to Ukrainian officials.
Ukrainian President Volodymyr Zelenskyy said a strike on Zaporizhzhia involving North Korean-supplied ballistic missiles killed seven steel plant workers and injured 21 people. He also said North Korea was preparing to deploy additional troops to Russia.
Russia said it had intercepted nearly 400 Ukrainian drones. Ukraine, meanwhile, reported strikes on a Russian oil refinery in Orsk and a Ukrainian drone attack in Tatarstan that killed at least 12 people and injured 39 others.
The United Nations has also said that more than 16,000 Ukrainian civilians detained by Russia remain deprived of their liberty, amid reports of continuing torture and ill-treatment.
