OREANDA-NEWS The Ninth Arbitration Court of Appeal on Thursday upheld the decision of the Moscow Arbitration Court, which on June 23 decided to recover 7.4 million euros from Deutsche Bank in favor of Sberbank of the Russian Federation.

As follows from the court file, the court rejected the appeal of the foreign bank.

The funds must be collected in rubles at the exchange rate of the Central Bank of the Russian Federation on the day of payment.

The contested court decision states that on August 6, 1999, Sberbank opened a correspondent account in euros with Deutsche Bank. On March 10, 2022, a foreign bank notified Sberbank of the closure of the account. As of February 9, 2023, the remaining outstanding funds amount to 7.2 million euros. In connection with the non-payment of funds, Sberbank filed a lawsuit with the court.

The court of first instance refused to satisfy the foreign bank's request to leave the claim without consideration. The petition is motivated by the existence of an agreement concluded between the parties on the consideration of the dispute in the court of Frankfurt am Main (Germany).

The Metropolitan Court, having studied the case materials, noted that "the basis of the dispute is the restrictive measures imposed by the European Union against Sberbank and Russian legal entities. In respect of such disputes, the arbitration courts of the Russian Federation have exclusive jurisdiction. Persons in respect of whom restrictive measures are applied by a foreign state association have the right to apply for dispute resolution to the arbitration court of a subject of the Russian Federation at their place of residence or place of residence."