Russian Banks Fight Against EU Sanctions

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October 27, 2014

On October 24, 2014, Russia’s three largest banks Sberbank, VTB Bank, and Vneshekonombank declared that they will be taking the European Union (EU) to court over sanctions that restrict the banks’ borrowing capabilities.  According to August 1, 2014 sanctions, the Russian banks can only obtain international financing for a maximum of three months.  German Chancellor Angela Merkel stated that the sanctions against the Russian banks should remain in place because the country is not respecting the ceasefire in Ukraine and lives are still being lost there.

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