Otkritie Bank sued Goldman Sachs for 615 million rubles – Kommersant

Moscow Arbitration Court satisfied Otkritie Bank’s claim against the American financial corporation Goldman Sachs for a debt of 615 million rubles. and a state duty of 200 thousand rubles.

According to “Vedomosti“, the court also prohibited Goldman Sachs from filing a similar claim against Otkritie in the London Court of International Arbitration. The court did not satisfy the request of the Russian bank to double the amount of the claim in case of failure to comply with the court decision on the part of the American group. The parties to the dispute can appeal the decision within a month to a higher authority.

Representatives of the American corporation during the meeting noted that they do not believe that Goldman Sachs is obliged to comply with the decision of the Russian court regarding the ban on applying to London arbitration.

Otkritie Bank filed the lawsuit on July 31, 2023, and the defendants were Goldman Sachs Group, Goldman Sachs International and Goldman, Sachs & Co. The bank demanded to collect debt from the companies in the amount of 614.7 million rubles. The plaintiff said that Goldman Sachs Group refused to fulfill its obligations under the International Swaps and Derivatives Association (ISDA) agreement, explaining this by sanctions against the bank from the United States and Great Britain.

Earlier, as part of the consideration of this case, the capital’s arbitration imposed arrest of Russian assets of Goldman Sachs Group and the Goldman Sachs III SICAV fund. The arrest was imposed on the securities of Sberbank, Gazprom, VTB and Aeroflot belonging to the Goldman Sachs fund. The arrest was used as an interim measure at the request of Otkritie; after the completion of the proceedings in all instances, it will be lifted.

Alexander Kislov