(Bloomberg) -- The former owner of Ukraine’s JSC Sense Bank, which was nationalized in 2023, is seeking more than $1 billion in compensation through arbitration, according to a statement on its website.

The claim has been filed with the International Center for Settlement of Investment Disputes, an arm of the World Bank, by Luxembourg-registered ABH Holdings S.A, the latter said on Thursday.

This firm, controlled by a group of Russia’s businessmen with Mikhail Fridman at the helm, had been Sense Bank’s nominal owner prior to nationalization. 

Read more: Russian Billionaire Fridman Target of Ukrainian Criminal Probe

The lender, previously known as Alfa-Bank Ukraine, had ranked among the nation’s 15 systemically important lenders. It was nationalized by Ukraine’s government in July, following sanctions against its Russian beneficial owners.

ABHH seeks “full compensation” for what it views as “unlawful expropriation” of the bank, according to the statement, which added that “Ukrainian authorities have unlawfully taken the bank from its rightful owners, beneficiaries, and shareholders.” 

The National Bank of Ukraine said Friday it’s “confident” that the nationalization of Sense Bank was fully in line with the country’s laws. The central bank is ready to assist in defending the legitimate interests of the state, it said in an emailed statement.

(Updates with central bank comment in last paragraph)

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