Russian Billionaire Sues Scandinavian Banks Over Service Agreement Breach

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HELSINKI (Sputnik) - Russian businessman Boris Rotenberg has filed a lawsuit against Scandinavian banks, including Helsinki-based Nordea Bank, for their alleged violation of service agreement as a result of US sanctions imposed on the billionaire in 2014, media reported Friday.

The lawsuit, submitted to the Helsinki District Court, also targets the Swedish bank Handelsbanken, Danske Bank and OP Corporate Bank, according to the Dagens Industri newspaper.

The court refused to comment on the matter, saying that the lawsuit was filed on October 4. The banks were notified about the lawsuit a week ago and have 30 days to respond after signing a paper which confirms the receipt of notification.

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European banks have to comply with US sanctions targeting individuals to be able to continue cooperation with their partners in the United States.

In March 2014, the US Treasury Department sanctioned a number of Russian officials and members of the Russian leadership's inner circle, including Boris Rotenberg and his brother Arkady, for "involvement in Ukraine crisis." Rotenberg is not on EU sanctions list as he has the Finnish citizenship.

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