Russian court upholds Sovcombank claim to recover $24 mln from Citibank, ET LegalWorld | Court Practice News

A Moscow court on Thursday ruled in favor of private lender Sovcombank, which had filed a claim seeking $24.05 million from Citibank and its Russian subsidiary, court filings showed.

Sovcombank appealed to the Moscow Arbitration Court in late July. Russia’s Vedomosti newspaper reported that Sovcombank’s claims related to debt owed by the American bank.

When Sovcombank came under U.S. blocking sanctions after Moscow despatched troops to Ukraine in February 2022, Citibank froze Sovcombank’s funds.

Citibank declined to comment. Sovcombank did not respond to a request for comment.

  • Published On Sep 21, 2023 at 10:19 PM IST

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