In January 2025, the DGF submitted its first lawsuit on behalf of five banks, marking a new path for demanding compensation for damages caused by Russian actions.
Joint Lawsuit Approach
-
New Legal Strategy
- The DGF has united several banks—some closed as far back as 2012–2017—to file collective lawsuits against the Russian Federation.
- This joint lawsuit concept is designed to strengthen each bank’s claim by pooling evidence and resources under one legal action.
-
Initial Filings
- The first lawsuit covers losses in property damage estimated at UAH 498.54 million.
- Banks involved:
- Green Bank: UAH 80.4 million
- Erde Bank: UAH 51.9 million
- Ukrgazprombank: UAH 271.3 million
- Tavrika Bank: UAH 30.5 million
- Fortuna-Bank: UAH 64.4 million
- These institutions had ceased operations at different times from 2012 to 2017.
-
Future Actions
- Olga Bilay, DGF Managing Director, notes that a second joint lawsuit involving four more banks is “on the way.”
- The DGF is finalizing its evidence base for additional claims, projecting that total losses from Russian actions before 2022 could exceed UAH 71 billion.
Complexities and Rationale
-
Enforcement Hurdles
- The DGF acknowledges difficulty obtaining actual compensation inside Ukraine, given the lack of Russian assets in Ukrainian jurisdiction.
- Despite these complications, they pursue this legal route because a unified state mechanism for reparations is currently absent.
-
Post-2022 Aggression
- For losses sustained after the full-scale Russian invasion in February 2022, the DGF plans to utilize an international register of losses once it becomes operational, preparing a separate application process for that.
-
Long-Term Legal Strategy
- Although the DGF recognizes the challenges of enforcing Ukrainian court decisions against Russia, it aims to establish formal judgments.
- Such rulings might be instrumental if any future mechanism emerges—either domestically or internationally—for seizing or redistributing Russian assets to compensate Ukrainian parties.
Outlook
This initiative by the Deposit Guarantee Fund opens a new legal pathway for Ukrainian banks to claim restitution from Russia for losses tied to its aggression, particularly in the years leading up to 2022. While enforcement remains an uphill battle, the lawsuits underscore Ukraine’s determination to hold Russia financially accountable, anticipating that ongoing international efforts may eventually facilitate compensation.
