Former Chief Justice of India DY Chandrachud will represent Russia in an international arbitration tribunal hearing a dispute filed by Ukrainian state-owned bank Oschadbank, according to a Global Arbitration Review report cited by Bar and Bench. The case concerns the Russia-Ukraine war and its alleged impact on the bank’s operations.
The dispute relates to Oschadbank’s claims over assets and business activities in Ukraine’s Donetsk, Luhansk, Kherson and Zaporizhzhia regions. The bank says it lost these assets following Russia’s military actions after the full-scale invasion of Ukraine in 2022.
The arbitration is being conducted under the 1998 bilateral investment treaty between Russia and Ukraine, with Oschadbank’s claim reportedly running into hundreds of millions of dollars.
The tribunal will consist of three arbitrators. Costa Rican arbitrator and former trade minister Dyala Jimenez will serve as president after being jointly selected by Russia and Oschadbank.
Greek arbitrator and National University of Singapore professor Stavros Brekoulakis was reportedly appointed by Oschadbank as the third member.
Former CJI Chandrachud has been selected by Russia.
Oschadbank began the arbitration after Russia allegedly failed to respond to a notice of dispute issued by the bank in July 2025.
Chandrachud’s appointment follows reports that he had previously declined requests from Russia to act as its arbitrator in treaty disputes involving Wintershall Dea, an oil and gas producer, and Ukrenergo, Ukraine’s state-owned electricity transmission company.
Those approaches were reportedly made on the same day that the Permanent Court of Arbitration appointed Chandrachud as the appointing authority in the Wintershall proceedings.
He later stepped down from that role after disclosing the communications.
UKRAINIAN BANK CLAIMS LOSSES IN FOUR REGIONS
Oschadbank has said it suffered significant losses of assets and was unable to continue its operations in four Ukrainian regions following Russia’s full-scale invasion in February 2022.
The bank described the losses as involving seized or lost banking assets and investments in territories that are temporarily occupied or otherwise affected, forcing it to halt operations there.
The latest case is separate from Oschadbank’s earlier arbitration against Russia concerning the expropriation of its assets and Crimean branch following Russia’s 2014 annexation of Crimea. In that case, an arbitration tribunal awarded the bank around $1.1 billion, with the amount later increasing due to interest.
Oschadbank has said it is documenting all losses suffered since 2022 as part of its efforts to recover damages through the new arbitration claim.
The details have primarily emerged from Oschadbank’s official statements, including its July 2025 Notice of Dispute and April 2026 Notice of Arbitration, as well as contemporaneous reports citing Global Arbitration Review and Bar and Bench.
