Ex-CJI Chandrachud Appointed Arbitrator in Russia-Ukraine Investment Dispute
Former Chief Justice of India DY Chandrachud has reportedly been appointed as an arbitrator by Russia in an investment treaty dispute with Ukraine's Oschadbank. The Ukrainian bank claims hundreds of millions in losses due to Russian military actions.
Key takeaways
- Former Chief Justice of India DY Chandrachud has been appointed as an arbitrator by Russia.
- The appointment is related to an investment treaty dispute between Russia and Ukraine's state-owned bank, Oschadbank.
- Oschadbank claims hundreds of millions of dollars in losses for assets and operations in eastern and southern Ukrainian regions.
- The arbitration is proceeding under a 1998 bilateral investment treaty between Russia and Ukraine.
Russia has reportedly appointed former Chief Justice of India DY Chandrachud to serve as an arbitrator in a dispute with Ukraine's state-owned bank, Oschadbank. This appointment is part of an investment treaty claim initiated by the bank.
The Ukrainian bank asserts it lost assets and operations in the Donetsk, Luhansk, Kherson, and Zaporizhzhia regions following Russian military actions, particularly after the full-scale invasion in February 2022. Oschadbank's claim is valued in the hundreds of millions of dollars. The arbitration proceedings began after Russia allegedly did not respond to a notice of dispute served in July 2025.
The arbitration is being conducted under the 1998 bilateral investment treaty between Ukraine and Russia. A three-member tribunal has been formed, with Costa Rican arbitrator Dyalá Jiménez serving as president, jointly selected by both nations. Ukraine's Oschadbank appointed Stavros Brekoulakis, a Greek arbitrator and professor, as the third member.
Oschadbank previously pursued Russia for losses in Crimea after Russia's 2014 annexation. A tribunal awarded the bank approximately US$1.1 billion in 2018. However, this award faced prolonged legal challenges in France. A French court initially set aside the award in 2021, but the French Court of Cassation reinstated it the following year. Subsequent decisions by the Paris-seated tribunal in 2023 and 2024 rejected Russia's requests to revise the award based on new evidence. Recently, the Paris Court of Appeal annulled a tribunal decision on Russia's revision request and a cost order, citing doubts about the fairness of an arbitrator due to an amicus curiae brief.
This is not the first time Russia has approached Justice Chandrachud for an arbitration role. He was previously invited to arbitrate treaty claims brought by the German energy company Wintershall Dea against Russia. Justice Chandrachud had declined that request because it was made on the same day the Permanent Court of Arbitration designated him as the appointing authority in those proceedings.
Sources reviewed
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