Ministry of Finance of Ukraine welcomes the decision of the High Court of Justice in London to order the former owners to pay PrivatBank over USD 3 billion in damages
The Ministry of Finance of Ukraine welcomes today’s judgment of the High Court of Justice in London ordering the former owners of PrivatBank to pay the Bank more than USD 3 billion in damages and costs, following the Court’s finding in July this year that they had committed a massive fraud against PrivatBank.
The principal amount of damages awarded to PrivatBank was assessed at approximately USD 1.8 billion. The Court also ordered the former owners to pay interest of USD 1.2 billion and to make a payment on account of PrivatBank’s costs of GBP 76.4 million (around USD 99.6 million).
The defendants’ applications for permission to appeal and for a stay of execution were rejected by the Court. Therefore, all the above sums must be paid by 24 November 2025, with further interest accruing if they remain unpaid beyond that date. Should these amounts not be paid voluntarily, PrivatBank will immediately commence recovery proceedings and seek to enforce the judgment against the former owners’ assets to secure compensation for the Bank and, by extension, its shareholder – the Government of Ukraine. The former owners’ assets have been subject to a worldwide freezing order since December 2017.
The Court also ordered the former owners to pay PrivatBank’s costs on the “indemnity” basis, which allows a higher level of recovery where the losing party’s conduct justifies such an order.
“The Ministry of Finance of Ukraine welcomes the decision of the High Court of Justice in England to award PrivatBank USD 3 billion – a substantial but well-justified amount. This decisive victory in a complex, years-long legal battle and the Court’s order for the recovery of funds for the benefit of the people and Government of Ukraine, as the Bank’s shareholder, once again demonstrates that Ukraine is capable of successfully defending its position and interests on the international stage. We commend the PrivatBank team, the legal advisors, and all those whose efforts made this fair judgment possible,” said Sergii Marchenko, Minister of Finance of Ukraine.
PrivatBank is the largest state-owned bank in Ukraine. It serves over 18 million active customers, and more than 70% of Ukrainians use its services. The Bank leads the retail banking market, actively develops services for small and medium-sized businesses, and has a strong digital ecosystem supported by an extensive network of 1,186 branches, 6,850 ATMs, nearly 10,400 self-service terminals, and over 308,000 POS terminals across the country. PrivatBank employs over 19,000 people and continues to play a key role in supporting Ukraine’s economy, its citizens, and businesses – even during wartime.