Three major state-owned banks of Russia have filed lawsuits against the European Union (EU) for imposing sanctions on them for Moscow’s alleged role in Ukraine’s crisis.
The sanctions were imposed on the banks, including Sberbank, VTB and Vnesheconombank, in the end of July this year.
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Under the sanctions, Russian banks were banned access to raising finance in any form on the European market for a term of, at first, over 90 days and later over 30 days.
The sanctions, valid for one year, could be revised in three months.
Sberbank, who was the first to announce the lawsuit for cancellation of the sanctions, released a statement saying, "Since the case is to be heard by an EU court and in line with the usual practice for this type of cases, the bank will not be commenting on its lawsuit until the matter is resolved by the court."
Apart from these three banks, the sanctions were also imposed on two other state-owned Russian banks which include Rosselkhozbank and Gazprombank.
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By GlobalData
