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.
Russian SovComBank announced that its majority shareholder Sovco Capital Partners and some key managers have cut their stakes in the capital in favour of “institutional and retail investors”. ... more
Egypt has reported progress on the construction of its first nuclear power plant (NPP), El Dabaa, located about 320 km north of Cairo. Russia’s state-owned nuclear energy corporation Rosatom has ... more
The Russian government has approved the acquisition of the Postal Bank by the country’s second-largest lender state-controlled VTB Bank, the head of VTB Andrey Kostin told Rossiya 24 TV ... more