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VEB to Oppose Sanctions in EU Court
26.10.2014 18:26
VEB to Oppose Sanctions in EU Court
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VEB, one of Russia’s major lending institutions, has sent a claim to the General Court of the European Union in a bid to lift the sanctions imposed by the European Union.

      Vnesheconombank has been one of the state-run banks hit by capital restrictions slapped by the EU and the US for Russia’s alleged role in the Ukraine crisis.

      The bank has issued an official letter concerning its claim, hoping to get a court ruling that would recognize the limits as illegal.

      “A claim in opposition to the sanctions has also been submitted by Prominvestbank, VEB's subsidiary in Ukraine,” adds the press release.

      In 2011, the Bank’s loan portfolio amounted to almost 500 billion rubles. Under the Bank’s new strategy it is to increase to 850 billion rubles by 2015 and the proportion of innovation projects is to amount to 20 percent.

      Earlier, Russia-IC reported that Russians banks might be forced to provide stress test scenarios and recovery plans to the Russian Central Bank, according to a bill by the Russian government.

      The Russian banking industry has been hit hard by the current recession, a cut in consumer demand, bad debts and restrictions imposed on sources of funding as part of international sanctions.

      The government said it was not going to support the national currency and does not expect oil prices to go as low as $60 per barrel, says the Finance Ministry.

      The rouble registered a new low against the dollar amid tough sanctions, uncertainty in Ukraine and the Yevtushenkov case involving Bashneft’s stocks.

      The country could lose up to $50 billion, or 4 percent of GDP, due to sanctions and a drop in oil prices.

      According to a report by Russia’s Finance Ministry, the geopolitical events would cost Russia 2 percent. 

Author: Mikhail Vesely

Tags: VEB Russian banks    

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