LONDON -The Excessive Court docket in London dominated on Friday that a outstanding Russian businessman couldn't pause an $850 million fraud lawsuit introduced by two Russian banks due to British sanctions.
Boris Mints and his sons Dmitry, Alexander and Igor are being sued by Nationwide Financial institution Belief, which is 99% owned by the Central Financial institution of Russia, on behalf of Financial institution Otkritie, as soon as Russia’s largest non-public lender earlier than it collapsed in 2017.
Legal professionals representing the Mints household – who deny the banks’ fraud allegations – say the lawsuit ought to be indefinitely placed on maintain as a result of, if the banks win at trial, any damages couldn't be paid as Financial institution Otkritie is beneath British sanctions.
At a listening to in December, Decide Sara Cockerill was advised by attorneys for Dmitry and Alexander Mints that any cash recovered could possibly be used to “not directly fund the warfare in Ukraine”.
Nevertheless, Cockerill dismissed Mints’ software on Friday. The choose mentioned her written ruling containing her causes for refusing to pause the case could be revealed on Friday afternoon.
She additionally granted permission to attraction towards her determination to each the Mints household and the banks, saying: “It's plainly a case with far wider implications.”
The Mints’ unsuccessful software to place the lawsuit on maintain – which is able to now be thought-about by the Court docket of Enchantment – represents one of many first authorized checks of Britain’s sanctions regime in relation to Russia.
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