What is

The principle of full reparation for internationally wrongful acts and the principle of compensation for the market value of investments allow investors to seek award of direct damage, lost profits, loss of market capitalization of their business, and other types of damages, if any, in the arbitral tribunal.

Why it is important to start collecting facts for compensations right away

1.  We recommend promptly collecting all available evidence and information on the violations of investor rights, as documents may be destroyed over time, and contacts with employees and other witnesses may be lost. 

2.  In addition, work on assessing the extent of the damages should begin without delay.

3. The collected evidence and the prepared opinion on the amount of damage can be used to apply for compensation in most international forums.

Key insights on collecting information

Potential claimants will need to prove that they (1) own property/investment that (2) has suffered damage (3) due to russia's aggression against Ukraine. To this end, it is necessary to collect:


(1) Evidence regarding the claimant's identity and property/investment (with a detailed description of its qualitative and quantitative characteristics): 

  • collect documents confirming the identity and origin of the company or individual; 
  • collect documents confirming the ownership or use of the damaged property; other documents confirming the characteristics, the market value before the full-scale invasion, and other specifics of the investment. 


(2) Evidence of damage caused by russia's war against Ukraine. 

  • If there has been physical damage to property, it is worth collecting any possible photo and video evidence, witness statements, and materials from public sources. It is also necessary to prove that the damage was caused as a result of the war, e.g. that there were hostilities or rocket attacks in a certain area at the time. 
  • If the property itself was not damaged, but the losses were caused by the inability to do business normally for a certain period of time, it is necessary to prove that the business is not operating and explain why, e.g. provide information that a certain place was regularly shelled or that the property could not be used for a certain period of time due to temporary occupation. 
  • The cost of restoring the property, lost rent, etc. may also be included in the damages. 
  • The best evidence to prove the amount of damage is an expert opinion. 



International investment arbitration

International investment arbitration is now the only affordable, reliable, and effective way to obtain compensation from the russian federation.

Advantages of arbitration:
  1. Expertise, reputation, and experience in already resolved cases where claimants were awarded large amounts of compensation (Yukos case).
  2. Opportunity to receive compensation for direct and indirect losses.
  3. Existing practice of international arbitration in "Crimean cases".
  4. Changes in the arbitration approaches in line with the development of public international law – the recent ECtHR judgment on jurisdiction in the Donbas case may open the door to claims by investors for loss of investments in the territories of Donetsk and Luhansk regions occupied in 2014.
  5. Respect to, recognition and enforcement of arbitral awards in any country of the world.
  6. Flexible approach to the statute of limitations (claims can be filed for damages that have been caused since 2014).
  7. Interest on the amounts awarded, which is accrued during the arbitration proceedings and until the arbitral award is actually enforced.
Our cases
Budhouse Group

Advising and representing Budhouse Group in the process of collecting evidence and recording damages caused by russian missile attacks on the Nikolsky Shopping Mall in Kharkiv. Advising the client on the overall strategy and in collecting evidence for future international processes, representing the client as a victim in criminal proceedings, advising on the valuation of damage (including lost profits, loss of market capitalization).

Ukrainian Council of Shopping Centers

Advising the Ukrainian Council of Shopping Centers on the collection of evidence and recording of damages by owners of shopping malls to prepare class actions against russia in investment arbitration.

Riviera Group

Advising Riviera Group on recording and valuation of war damage in the form of lost profits.

More than 10 cases in the ECtHR for Ukrainian companies on damages caused by the war

Arzinger has prepared and submitted applications to the ECtHR for large Ukrainian companies, in relation to property lost both in the temporarily occupied territories and from shelling and bombardment. 

One of the world's largest automotive groups

Representing one of the world's largest automotive and engineering groups as a victim in criminal proceedings on the destruction of property in the vicinity of Kyiv in the first weeks of the russian invasion. 

Beer retail chain

Advising a beer retail chain on collecting evidence and recording war damages.

Ukrainian producer of spirits

Advising a major Ukrainian producer of spirits on collecting evidence and recording war damages, in particular, in relation to facilities still located in the occupied territory.

One of the largest international grain traders

Advising one of the largest international grain traders and assisting it in collecting and analyzing documents required to prove the losses incurred, including lost profits, due to russia's full-scale invasion of Ukraine and export restrictions.

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Russia will pay

The project of collecting, evaluating, analyzing, and documenting information on direct losses to civilian infrastructure in connection with Russian aggression



Kyiv School of Economics
Founding and Managing Partner, Attorney-at-law
Founding partner, Attorney-at-law
Counsel, Attorney-at-law
Senior Associate, Attorney-at-law
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