MOSCOW, June 4. /TASS/. The Russian National Commercial Bank (RNCB) claims compensation from Ukrainian authorities for illegal expropriation of assets and is going to initiate international arbitration if no response is given by Ukraine within six months, the bank said on its website.

"On June 3, 2024, RNCB sent a formal notice to Ukrainian authorities about presence of a dispute on the basis of the agreement between the government of the Russian Federation and the Ukrainian cabinet of ministers on encouragement and mutual protection of investments dated November 27, 1998, and the intent to initiate international arbitration against the state of Ukraine, calling it to international legal responsibility. Copies of the notice were sent to the president of Ukraine, the prime minister, ministers of justice, foreign affairs and finance of Ukraine and the chairperson of the National Bank of Ukraine," the bank noted.

The bank suggests settling the dispute by paying a fair compensation to it "for illegal expropriation of assets." If there is no response from Ukraine within six months, "RNCB intends to initiate arbitration proceedings on the basis of Art. 9 of the agreement," it added.

The dispute is related to actions of Ukrainian authorities, with damage sustained by the bank as a result, RNCB noted.