RusBankrot
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05/12/2025
Friday
THIS DAY IN HISTORY:
5 December 
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
5 December
1936 The Stalinist Constitution of the USSR was adopted.
1936 the Stalinist constitution of the USSR was adopted.
1484 Pope Innocent VII initiated the "witch hunt".
1456 An earthquake that destroyed Naples occurred - 35 thousand people died.
1456 occurred an earthquake that destroyed Naples - 35 thousand people died.
THE COURT GRANTED THE CLAIM OF THE PSB TO THE FORMER EUROPEAN "DAUGHTER" OF VTB
On July 2, 2025, the Court of Appeal (9th AAC) upheld the decision of the first instance, which satisfied the claim of Promsvyazbank (PSB) against the German Ost-West Handelsbank (OWH SE, formerly VTB Bank Europe) for damages caused by the freezing of money transfers (case no.A40-221329/24).
In February last year, the Moscow Arbitration Court (AC GM) satisfied the claims of the PSB and decided to recover from the defendant an amount equivalent to ˆ12.1 million, 11.7 thousand Swiss francs and £43.3 thousand. At the exchange rate on the date of the claim, the amount was approximately 1.1 billion rubles, but taking into account the recalculation, it reached 1.8 billion.
The bank filed its application last fall. But long before that, international sanctions were imposed on the organization, and the ability to transfer money was blocked. VTB itself was restricted by the European Union and the United States, having lost control of its European subsidiary.
In the spring of 2022, the German financial regulator handed over control of the division to a temporary manager, who then decided to liquidate it. Officially, the process of closing the bank started on April 1, 2023 and continues to this day. By the end of 2023, the former VTB structure changed its name to Ost-West Handelsbank (OWH SE).
The defendant tried to challenge the jurisdiction of the Russian court, pointing out that the agreement between the parties contains an arbitration clause, according to which disputes should be considered at the defendant's place of registration – in Frankfurt am Main. However, both the AU GM and the appeal rejected these arguments. The courts referred to the fact that the nature of the claims and the circumstances of the case allowed it to be considered in Russian jurisdiction.
The motion to terminate the proceedings filed by OWH SE Bank in December 2024 was also not satisfied. The courts did not accept the defendant's arguments about the need to transfer the claim to a German court, pointing out that the interests of the Russian plaintiff and the current sanctions situation reasonably make it necessary to consider the case in Russia.
The state-owned PSB, managed by the Federal Property Management Agency, handles key government contracts, including projects under the defense order. The freezing of significant amounts, as indicated in the PSB, caused significant financial damage and affected the fulfillment of obligations to counterparties.
The decision of the 9th AAC strengthens the legal position of Russian companies facing the blocking of assets and transfers due to sanctions, and demonstrates that attempts by foreign structures to evade responsibility within the framework of domestic justice are not supported by Russian courts.
Photo: mainfin.ru
In February last year, the Moscow Arbitration Court (AC GM) satisfied the claims of the PSB and decided to recover from the defendant an amount equivalent to ˆ12.1 million, 11.7 thousand Swiss francs and £43.3 thousand. At the exchange rate on the date of the claim, the amount was approximately 1.1 billion rubles, but taking into account the recalculation, it reached 1.8 billion.
The bank filed its application last fall. But long before that, international sanctions were imposed on the organization, and the ability to transfer money was blocked. VTB itself was restricted by the European Union and the United States, having lost control of its European subsidiary.
In the spring of 2022, the German financial regulator handed over control of the division to a temporary manager, who then decided to liquidate it. Officially, the process of closing the bank started on April 1, 2023 and continues to this day. By the end of 2023, the former VTB structure changed its name to Ost-West Handelsbank (OWH SE).
The defendant tried to challenge the jurisdiction of the Russian court, pointing out that the agreement between the parties contains an arbitration clause, according to which disputes should be considered at the defendant's place of registration – in Frankfurt am Main. However, both the AU GM and the appeal rejected these arguments. The courts referred to the fact that the nature of the claims and the circumstances of the case allowed it to be considered in Russian jurisdiction.
The motion to terminate the proceedings filed by OWH SE Bank in December 2024 was also not satisfied. The courts did not accept the defendant's arguments about the need to transfer the claim to a German court, pointing out that the interests of the Russian plaintiff and the current sanctions situation reasonably make it necessary to consider the case in Russia.
The state-owned PSB, managed by the Federal Property Management Agency, handles key government contracts, including projects under the defense order. The freezing of significant amounts, as indicated in the PSB, caused significant financial damage and affected the fulfillment of obligations to counterparties.
The decision of the 9th AAC strengthens the legal position of Russian companies facing the blocking of assets and transfers due to sanctions, and demonstrates that attempts by foreign structures to evade responsibility within the framework of domestic justice are not supported by Russian courts.
Photo: mainfin.ru
08.07.2025
