Moscow court upholds Rosbank’s $12 million damages claim against Citi
2023.10.27 06:00
© Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo
MOSCOW (Reuters) – A Moscow court has upheld a claim by Rosbank to recover damages worth 94.47 million Hong Kong dollars ($12.08 million) 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 did not respond to a Reuters request for comment.
Citi declined to comment.
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.”
($1 = 7.8210 Hong Kong dollars)
