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    Russia's Sberbank Appeals Western Sanctions in European Court: Bank Press Service

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    Russia’s Sberbank has appealed to a European court over western sanctions affecting the bank, the bank’s press service reported Friday.

    Updated 11:10 a.m. Moscow time

    MOSCOW, October 24 (RIA Novosti) – Russia’s Sberbank has appealed to a European court over western sanctions affecting the bank, the bank’s press service reported Friday.

    “Yesterday, Sberbank of Russia turned to the Court of the European Union with a claim on reversing the decision of Council of the European Union on the implementation of limitation measures (sanctions) against Russia toward the bank,” a bank press release reads.

    The Russian financial sector is one of the sectors targeted by western sanctions imposed on Russia. The European Union (EU) along with the United States has imposed several rounds of sanctions against the country for its alleged role in Ukraine’s internal affairs, a claim Russia has repeatedly denied. The sanctions target Russia’s banking, defense and energy sectors, as well as certain individuals.

    In July, American and European investors were prohibited from issuing new loans to Sberbank, VTB, Russian Agricultural Bank, Gazprombank, and Vnesheconombank for a period exceeding 30 days or buy any of their stocks and bonds over 30 days old. Sanctions against the Russian state-owned banks were also imposed by Australia, Canada, Switzerland and Japan.

    In early October, Russian Economic Development Minister Alexei Ulyukayev said the Russian government would support several large Russian banks hit by the sanctions.

    Tags:
    economy, sanctions, European Court, Sberbank
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