MOSCOW, August 26 (RAPSI) - Ukraine’s state bank Oschadbank has filed with the International Court of Arbitration a lawsuit against Russia demanding more than $1 billion for its lost assets in Crimea, according to the bank’s statement.

Claims under the lawsuit include cost of loss of assets in Crimea and business interruption as well as interest which would be awarded pending a final court’s resolution and prior to the actual getting the compensation calculated at the commercial rate established by the court.

According to the bank’s press office, the court will hear the lawsuit under a simplified procedure; the final hearing is planned for late March, 2017.

Oschadbank, one of the largest banks in Ukraine, reported initiation of arbitration proceedings against Russia in order to ensure protection of economy and restore investment lost in Crimea in January.