The Supreme Court of Russia will for the first time consider the dispute between a company and a bank over sanctions
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For the first time, the Supreme Court will consider a dispute between a company and a bank due to sanctions – the funds of the IS Tex company were blocked after sanctions against the Moscow Industrial Bank (MinBank). About it reported “Kommersant”.
IS Tex has been a client of MInBank (joined Promsvyazbank in May 2023) since March 2022, and in May of the same year instructed the credit institution to transfer payment for cotton yarn in the amount of $59,400. Two days after the transaction, the bank contributed to SDN – US Treasury list.
The arbitration court, after the company’s appeal, decided to recover the full amount from the organization as damages.
It is noted that in May last year the company ordered the transfer of funds through the intermediary bank Halyk Savings Bank of Kazakhstan to the account of the Kazakh beneficiary bank Tenge Bank. The court decision stated that for the transfer of dollars, funds were transferred through the correspondent account of the American The Bank of New York Mellon (BNY Mellon), which blocked them due to sanctions against the bank.
Later Promsvyazbank filed a complaint with the Supreme Court. According to the credit institution, BNY Mellon was for MInBank “the only correspondent bank for settlements in US dollars” and the Kazakh intermediary bank carried out transfers through it, so this “payment route is the only correct one.”
The bank suggested that the company contact the US Office of Foreign Assets Control (OFAC), and also emphasized that MInBank “did not know and could not know” about the upcoming inclusion in the sanctions list.
In the summer of 2022, the UK imposed sanctions against MInBank. As the press service stated then, the bank prepared for various event scenarios in advance and minimized possible risks from sanctions. The credit institution noted that the imposed sanctions will not have a significant impact on the work, and the “continuity of activity” of the bank is guaranteed by the Central Bank.
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