Sberbank, a major Russian lender, is attempting to recoup loans from its former British affiliate worth about $138.6m, and a Moscow court has backed with the bank in this endeavour.
Reported by Reuters, following sanctions imposed by the West in reaction to Moscow’s involvement in the Ukrainian crisis, Sberbank announced in April 2022 that it was closing down operations at its investment arm in London, Sberbank CIB (UK) Limited.
The Financial Conduct Authority, the British regulator, stated that sanctions had rendered Sberbank CIB unable to make payments despite having adequate assets to fulfil its creditors, and that it had been deemed insolvent and placed under special administration.
The Moscow Arbitration Court granted Sberbank’s claim in full.
Sberbank sought repayment of loans in four different currencies: €28.3m ($30.36m), £3.2m ($4.05m), CAD3.4m ($2.49m), and RUB8.8bn ($101.73m), totalling approximately $138.6m.
Sberbank CIB’s UK administrators stated in an April report on progress that about $105m in cash is held in multiple accounts with Sberbank or as security at Russia’s National Settlement Depository (NSD).
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By GlobalDataThe actions in Russia’s commercial courts address the repayment of specific loans owed by Teneo, the administrators.
Moreover, within the European Parliament, the overarching threat to the Ukrainian war effort lies in the far-right Identity and Democracy (ID) group.
Founded by French politician Marine Le Pen in 2019, ID is made up of nationalist, populist and Eurosceptic parties with sympathetic views towards Russia.
In Strasbourg, ID is led by Italian politician Marco Zanni – a representative of the openly pro-Russian, right-wing Lega Nord party. Right-wing populist party Alternative for Germany (AfD), allegedly funded by Moscow, was also part of ID until it was rejected last month after lead candidate Maximilian Krah said Nazi SS officers were not all automatically “criminals”.
