American company demands $128 million from Ukraine through arbitration

American Spectrum UA Credit LLC demands at least $127.9 million, or about UAH 5.7 billion, from Ukraine within an investment dispute. The case is already registered by the International Centre for Settlement of Investment Disputes (ICSID), and the Ministry of Justice has engaged external lawyers to represent the state.

As reported by "Nashi Groshi" with reference to procurement documents, on August 31 the Ministry of Justice entered into a contract with Wojciech Sadowski, acting on behalf of the international law firm Queritius. The lawyers are to represent Ukraine in the dispute with Spectrum UA Credit LLC until December 15, 2026.

The contract value is $7.4 thousand, or about UAH 340 thousand. The hourly rate of partners, counsels and lawyers is set at $320, paralegals - $120.

From the procurement justification it follows that as early as December 11, 2025, the Ministry of Justice received a notice from Spectrum UA Credit LLC of its intention to apply to US courts and international arbitration. The company claims Ukraine violated its rights as an investor.

ICSID registered the case Spectrum UA Credit LLC v. Ukraine on April 17, 2026. In the official register its subject matter is defined as "banking services and debt instruments", and the basis of the dispute is the investment agreement between Ukraine and the USA of 1994. The proceedings remain open. The last recorded action in the case took place on June 26, when the claimant filed an amended request for provisional measures.

Separately, Spectrum UA Credit LLC on March 31 filed a lawsuit against Ukraine and its state bodies in the US District Court for the District of Columbia. It is in these documents, according to "Nashi Groshi", that the amount of claims is determined at least $127.9 million.

Spectrum UA Credit LLC is linked to the Ukrainian financial company "Spectrum Assets". The latter previously purchased at a state auction a pool of assets of liquidated banks, including loan claims worth billions of hryvnias.

In 2024, journalists of "Skhemy" established that the then ultimate beneficial owner of "Spectrum Assets" Maryna Yevsieieva had a valid Russian passport, although she informed Ukrainian authorities only of US citizenship. Yevsieieva herself stated that she had renounced Russian citizenship, but upon the journalists' request did not provide documentary confirmation of this.

"Spectrum Assets" is also registered in a Kyiv office owned by Russian citizen Oksana Terekhova - the former wife of ex-MP Andriy Derkach. After the investigation was published, instead of Yevsieieva the beneficiary of the Ukrainian company became US citizen Yevhen Pikulik.

In 2025, the Deposit Guarantee Fund began through courts to recover part of the assets sold to "Spectrum Assets". At the same time, from the open materials of ICSID it does not follow which specific actions of Ukrainian authorities Spectrum UA Credit LLC challenges in international arbitration.

According to materials from: "Nashi Groshi", ICSID, "Skhemy"