A Moscow court has awarded HKD95mn ($12mn) in damages to Russian Robank from US lender Citi and its Hong Kong affiliates, Reuters reports citing the court documents. Rosbank first asked the court for damages in July 2023, according to Reuters, requesting interim asset seizures, concerned that Citi's efforts to fully exit Russia will affect its assets.
Rosbank Insurance of Rosbank also reportedly sued Belgium and Luxembourg-based depositories Euroclear and Clearstream for RUB834mn ($8mn) in the Moscow Arbitration Court. The substance of the claims has not been disclosed.
Rosbank is the former Russian branch of Societe Generale bought out by sanctioned oligarch Vladimir Potanin as he rebuilt his banking empire after Russia's full-scale military invasion of Ukraine.
Related Articles
Egypt and Russia sign supplementary agreements to advance El-Dabaa nuclear plant
Egypt and Russia have signed a supplementary intergovernmental agreement to push forward the El-Dabaa nuclear power plant project in Egypt, Al Arabiya reported on July 8, citing a statement from ... more
Non-performing loans hit historic low in CESEE, but early warning signs emerge, says EBRD
Non-performing loans (NPLs) in central, eastern and south-eastern Europe (CESEE) fell to their lowest levels since the global financial crisis in 2024, but early indicators suggest rising risks ... more
China’s LNG imports slump for eighth month
China’s LNG imports have fallen on a year-on-year basis for the eighth consecutive month, Bloomberg reported on June 26 citing data from Kpler. Imports of the super-chilled fuel in the world’s ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
15 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago