Financial Safety
Russia’s
biggest blacklisted banks appeal EU sanctions
Published time: December 25, 2014 13:19
RIA Novosti / Alexey Filippov
Russia’s
two biggest lenders Sberbank and VTB, as well as Russia’s foreign development
bank Vnesheconombank (VEB) have appealed to the European Court of Justice
against EU sanctions, saying there was not enough evidence for their
introduction.
The
lenders also say the sanctions are illegal, as they violated WTO rules and some
international agreements.
The
sanctions imposed in July on Russian banks banned some of the biggest lenders
from getting long-term borrowing from the international financial markets.
The sanctions criterion stipulates that “key
credit organizations or other development institutions where the government has
or controls more than 50 percent,” should be blacklisted. Another
group of companies include the firms that contribute to improving Russia’s
competitiveness, diversification and stimulate investment.
All
of the three lenders claim they don’t completely fall under this criterion.
VTB
says limiting the access of Russian banks to international capital markets
violates several articles of the WTO’s General Agreement on Trade in Services,
which refer to ensuring equal access to markets.
As
for the VEB, its representatives say there was an obvious error in the facts,
as well as a lack of evidence for making such a decision. VEB said it was
deprived of its basic rights, including the right to effective judicial
protection. VEB representatives believe the sanctions have different goals than
those that were claimed.
Sberbank, VTB and VEB have already appealed to the
court to annul the EU sanctions. Sberbank, in particular, has asked to
have the restrictions removed.
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