Moscow court awards Rosbank $12mn from Citi

By bne IntelliNews October 30, 2023

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. 

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