Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Russian businessman asks London court to pause $850mln lawsuit over sanctions

Russian businessman asks London court to pause $850mln lawsuit over sanctions

A prominent Russian businessman on Tuesday asked a London court to pause an $850 million fraud lawsuit brought by two Russian banks because of UK sanctions, arguing that any money recovered could be used to “indirectly fund the war in Ukraine”.
Boris Mints and his sons Dmitry, Alexander and Igor are being sued by National Bank Trust, which is 99% owned by the Central Bank of Russia, on behalf of Bank Otkritie, once Russia’s largest private lender before it collapsed in 2017.

Lawyers representing the Mints family – who deny the banks’ fraud allegations – say the lawsuit should be indefinitely put on hold because, if the banks win at trial, any damages could not be paid as Bank Otkritie is under British sanctions.

But the banks say their application is “opportunistic”, describing it as “a transparent attempt” to exploit the fact that Bank Otkritie has been placed under sanctions.

The application represents one of the first legal tests of Britain’s sanctions regime in relation to Russia.

Laurence Rabinowitz, representing Dmitry and Alexander Mints, said in court documents that any money recovered by National Bank Trust will go to the Russian central bank, which must transfer 75% of its profits to Russia’s federal budget.

He told London’s High Court that it was effectively being asked to assist National Bank Trust “in filling the coffers of the Russian state, coffers which the Russian state is using to finance its war in Ukraine”.

He also said National Bank Trust is “subject to the same asset freeze” as Bank Otkritie as it is owned or controlled by Vladimir Putin and the Central Bank of Russia’s governor Elvira Nabiullina, both of whom are subject to sanctions.

However, the banks’ lawyer Nathan Pillow said the Mints family’s case would effectively exclude anyone who is subject to sanctions from having access to the English courts.

National Bank Trust denies it is controlled by either Putin or Nabiullina, Pillow said in court documents. He also said the court can enter judgment in favour of National Bank Trust without violating sanctions.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
×