Russia’s Sberbank files lawsuit to EU Court on sanctions cancellation

Russia’s largest bank Sberbank has filed a lawsuit to the European Union’s Court on cancellation of the decision by the EU’s Council to impose sectoral sanctions against Russia.

About this informed the Sberbank press office, reported TASS.

“Considering that the case will be examined by the European Union’s Court and in compliance with the accustomed practice for such sort of issues, the bank will not comment on its lawsuit until a final court ruling,” Sberbank said in a statement.

Russia’s oil major Rosneft and Russian businessman Arkady Rotenberg earlier filed lawsuits against the EU over the imposition of sanctions to defend shareholders’ interests.

The EU imposed sectoral sanctions against the Russian financial sector on August 1, 2014 over Russia’s stance on the Ukraine crisis. The sanctions hit Russia’s state-controlled Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB) and Russian Agricultural Bank.

The sanctions are effective for one year with a possibility of their review after three months. The sectoral sanctions prohibit European resident entities to provide medium-and long-term financing to these banks.

Subsidiaries of Russia’s state-controlled banks registered in the EU are not subject to sanctions.