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VTB Bank appeals EU court's sanctions ruling

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VTB Bank appeals EU court's sanctions ruling

VTB Bank PJSC has lodged an appeal against the General Court of the EU's ruling that upheld sanctions imposed on the lender and other Russian companies over Russia's 2014 annexation of Crimea and the country's role in the conflict in Ukraine.

In the appeal, filed in November 2018, the Russian state-controlled bank challenged the court's assessment of the sanctions and asked for them to be lifted, according to a March 11 filing published in the Official Journal of the European Union.

In addition to VTB, the EU sanctions affect some Russian oil and gas companies, as well as financial institutions, including PAO Sberbank of Russia and State Development Corp. VEB.RF. They impose restrictions on certain financial transactions and on the export of certain sensitive goods and technologies, and restrict the access of certain Russian entities to the EU's capital market.

The sanctions were first challenged by Russian companies shortly after their 2014 imposition but the General Court of the EU upheld them in September 2018, giving the companies two months to lodge an appeal against the decision.