VTB Bank filed a lawsuit with the Court of Justice of the European Union to challenge the EU Council’s decision to impose sanctions that lock it out of international capital markets.

      The second largest lender in Russia has been part of the group of state-run banks hit by financial restrictions by the EU and the US over Russia’s alleged role in the Ukraine crisis.

      In a statement on its corporate website, VTB said it would not comment further on the lawsuit or on the progress of the court hearings until the Court delivers its ruling.

      VTB Bank is Russia’s second largest lender by assets. Classified as blue chips, VTB shares are among the most liquid on the Russian stock market. The Bank’s securities are traded on Russia’s joint MICEX-RTS Exchange and as global depository receipts on the London Stock Exchange under the VTBR ticker. The Russian government owns 60.9 percent of VTB Bank’s equity.

      VTB Bank is part of VTB Group, a global provider of financial services, that offers a complete range of financial services including retail, corporate and investment banking; broking and other stock-market services, insurance, asset management for pension and unit funds, leasing, and more. The services are available to clients in more than 20 countries across the CIS, Europe, Asia and Africa.

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      Earlier, Russia-IC reported that VEB, one of Russia’s major lending institutions, has sent a claim to the Court of the European Union in a bid to lift the sanctions imposed by the European Union.