Russia appoints ex-CJI Chandrachud as arbitrator in Ukrainian bank case
What's the story
Former Chief Justice of India DY Chandrachud has been appointed as Russia's arbitrator in a treaty dispute with Ukrainian state-owned bank Oschadbank. The case revolves around the impact of military operations on the bank's assets and business operations in Ukraine's Donetsk, Luhansk, Kherson, and Zaporizhzhia regions. Oschadbank claims it lost these assets due to Russia's military actions following its full-scale invasion of Ukraine in 2022.
Legal framework
Case reportedly worth hundreds of millions of dollars
The dispute is being heard under the 1998 bilateral investment treaty between Russia and Ukraine. Oschadbank's claim is reportedly worth hundreds of millions of dollars.
The tribunal will have three members: Costa Rican arbitrator Dyala Jimenez as president, Greek arbitrator Stavros Brekoulakis from the National University of Singapore (NUS) as a third member, and Chandrachud representing Russia.
Previous offers
Chandrachud declined earlier offers to represent Russia
Chandrachud's appointment comes months after he had reportedly declined offers from Russia to represent it in other treaty disputes involving Wintershall Dea, a gas and oil production company, and Ukrenergo, a state-owned power transmission firm.
These offers were made on the same day that the Permanent Court of Arbitration appointed Chandrachud as appointing authority in the Wintershall proceedings.
He later stepped down from that position after revealing the communications.
Arbitration initiation
Oschadbank initiated arbitration process after Russia's alleged inaction
Oschadbank initiated the arbitration process after Russia allegedly failed to respond to a notice of dispute served by the bank in July 2025.
The latest arbitration represents Oschadbank's second treaty claim against Russia. The bank earlier pursued Russia for damages in Crimea following its annexation of the territory in 2014.
In 2018, a Paris-seated panel constituted under the UNCITRAL Arbitration Rules awarded Oschadbank roughly US$1.1 billion. The amount subsequently increased to around US$1.3 billion with interest.