MOSCOW, Dec 1 (Reuters) – A Russian court has ruled that state-owned lender VTB’s (VTBR.MM) claim for 112.6 million euros ($122.1 million) from its former European subsidiary should be paid, court filings showed on Friday.
VTB in September filed a lawsuit seeking to recover debt from the former subsidiary, now called OWH SE, and applied for interim measures that were granted in full, leading the Russian court to freeze securities owned by OWH.
Frankfurt-based VTB Bank (Europe) SE, already ring-fenced by regulators due to sanctions and in liquidation since last year, has been renamed OWH SE, its Chief Executive Officer Frank Hellwig said last month.
VTB declined to comment. OWH did not immediately respond to a request for comment.
In April 2022, following the imposition of Western sanctions over Russia’s actions in Ukraine, VTB in Europe was no longer allowed to take instructions from the parent bank and its assets were cut off.
German regulator BaFin said the measures had resulted in a complete ring-fencing of the subsidiary from its parent.
The subsidiary’s liquidation process is expected to last for several years.
($1 = 0.9222 euros)
Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; editing by Kirsten Donovan
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