T-Bank has filed an appeal against the decision of the first instance court in the fight to lift EU sanctions, insisting on the lifting of restrictions imposed on its activities in the Russian financial sector.
In its appeal, T-Bank cites violations of the principles of proportionality and equivalence, as well as violations of the rights of its clients. The bank’s lawyers emphasise that this last argument is the most convincing, as its detailed justification could open up new ways of protecting the interests of private investors and clients of financial institutions subject to sanctions.
Andrei Gusev, Senior Partner at Nordic Star Law Offices, notes that the bank’s references to the abstract nature and the possibility of arbitrary application of sanctions criteria are indeed worthy of attention.
Details of the case can be found in the Kommersant article.