The court arrested the shares of Sberbank, Gazprom, VTB and Aeroflot that belonged to Goldman Sachs

The Moscow Arbitration Court seized the Russian assets of Goldman Sachs Group and the Goldman Sachs III SICAV fund at the suit of Otkritie Bank. The arrest was imposed on the securities of Sberbank, Gazprom, VTB, Aeroflot, which belonged to the Goldman Sachs bank fund, follows from file cabinets court.

The arrest was imposed on 1.2 million shares of Sberbank, 750 thousand shares of Aeroflot, 790 thousand shares of Gazprom, 550 thousand shares of VTB.

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

The bank also sought to seize Goldman Sachs Group’s Russian bank accounts, the assets of all Goldman Sachs accounts with Russian depositories, Goldman Sachs International’s full interest in Goldman Sachs Bank, and the bank’s rights to certain trademarks.

So far, the court has satisfied only two demands of the “Discovery”, imposing arrest for a five percent stake in the bank in Detsky Mir and for shares in Russian companies owned by the bank’s fund.

Polina Motyzlevskaya