Moscow court upholds Rosbank's $12 million damages claim against Citi
© Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File PhotoMOSCOW - A Moscow court has upheld a claim by Rosbank to recover damages worth 94.47 million Hong Kong dollars from U.S. lender Citi and its affiliate in Hong Kong, Russian court documents showed on Thursday.
Citi, which had the largest presence in Russia among U.S. banks, said it would exit the retail business in the country as part of a retreat from some overseas markets before Russia despatched troops to Ukraine in February 2022.Rosbank first asked the court for damages in July, requesting interim asset seizures, concerned that Citi's efforts to fully extricate itself from Russia may reduce its assets there before a decision was reached.
The court did not grant interim measures then, but in filings dated Oct. 26, it said:"The claim was satisfied in full."We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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