KIEV, Jan. 19 - Oschadbank has announced arbitration proceedings against the Russian Federation to pursue claims to investments lost in Crimea.

"Oschadbank on January 18 filed a report on arbitration proceedings against Russia in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law of 1976. This is the next step in resolving Oschadbank's legal complaints against Russia. The bank acts as an investor and a legal entity of private law for the economic protection and restoration of its lost investments in Crimea," reads a statement.