Former Chief Justice of India DY Chandrachud has been appointed by Russia to an international arbitral tribunal hearing Ukrainian state-owned Oschadbank’s claim over assets and operations lost during the war. The treaty case involves losses in four Ukrainian regions and marks a notable new international role for the former CJI.
Oschadbank claim
Oschadbank’s claim concerns assets and business operations it says it lost in Donetsk, Luhansk, Kherson and Zaporizhzhia following Russia’s full-scale invasion of Ukraine in 2022. The bank has sought compensation for what it describes as substantial losses linked to the cessation of its activities in territories under Russian control.
The Ukrainian state-owned lender formally sent Russia a notice of dispute on July 24, 2025. Oschadbank said the notice concerned alleged violations of international investment protections and warned that it would pursue arbitration if compensation was not provided. The bank later said Russia’s lack of response cleared the way for further proceedings.
Treaty case
The dispute is being pursued under the bilateral investment treaty between Ukraine and Russia. Such agreements provide legal protections for qualifying investments and can allow investors to seek compensation through international arbitration when they allege treaty violations.
This is not Oschadbank’s first major legal battle with Russia. The bank previously secured an arbitral award exceeding $1.1 billion over assets lost following Russia’s annexation of Crimea. Oschadbank has continued efforts to enforce that award against Russian assets in international jurisdictions.
Tribunal panel
The new dispute will be heard by a three-member arbitral tribunal. Russia has reportedly selected Chandrachud as its party-appointed arbitrator. Costa Rican arbitration specialist and former trade minister Dyalá Jiménez will preside over the tribunal, while Greek arbitrator Stavros Brekoulakis was appointed by Oschadbank.
Chandrachud’s appointment brings one of India’s best-known former judges into a closely watched international dispute involving questions of investment protection, wartime losses and potential compensation.
Asset losses
At the centre of the proceedings are Oschadbank’s claimed losses in four regions of Ukraine. The bank says it has documented losses suffered since February 2022 as part of its broader effort to recover compensation through international legal mechanisms.
The case could involve complex questions over treaty jurisdiction, the treatment of investments in territories affected by military occupation and the calculation of damages. The tribunal will ultimately have to assess the parties’ legal arguments and evidence before determining whether compensation is payable.
Past offers
Chandrachud’s acceptance of the appointment is notable because he had reportedly declined earlier approaches from Russia to serve as an arbitrator in separate treaty disputes involving German energy company Wintershall Dea and Ukrainian electricity operator Ukrenergo.
The former CJI’s latest role therefore represents a shift from those earlier decisions and places him directly within a major Russia-Ukraine investment dispute. With substantial financial claims and wider questions of international investment law involved, the Oschadbank arbitration is likely to attract close attention from legal and diplomatic observers.
