London Citibank will assess the probability of Veon default in a Russian court

The Moscow Arbitration Court attracted London-based Citibank to consider the claim of Leader Management Company against VimpelCom (operating under the Beeline brand) for 1.8 billion rubles. The Bank and the National Settlement Depository (NSD) are involved as third parties. This was announced at the court session, which took place on January 16.

The management company “Leader” is trying to ban the sale by the Dutch holding Veon of the telecom operator Vimpelcom to its top managers without guarantees of payment of the company’s Eurobonds. This was reported by Vedomosti at the end of November. Initially, Leader Management Company applied to VimpelCom with a demand to recognize Veon’s obligations under Eurobonds, but, having received a “categorical refusal”, went to court.