Sberbank Europe AG has filed a lawsuit against the European Central Bank.
Sberbank Europe AG, Vienna-based subsidiary of Russia's Sberbank, has filed a lawsuit against the European Central Bank. The company is challenging the decision that the ECB made against it on August 2, when an administrative fine was imposed on the bank for violating banking legislation.
Egor Noskov, Managing Partner of the Duvernoix Legal law firm, assessed the chances of Sberbank Europe AG to win the case:
"Due to the low degree of integration of subsidiaries of Russian commercial banks into European business, it is difficult for them to defend their rights in the courts. Russian banks in Europe lend only to large Russian commodity export companies. The decision of the European Court of Justice will depend on the terms of the loan agreement, under which the ECB has detected an excess of permissible requirements for credit risks. Commercial banks mostly lose in such cases. But it is possible that the parties will agree on a settlement agreement," said Egor Noskov to NEWS.ru.