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Report: Promsvyazbank initiates 282B ruble lawsuit against former owners

PAO Promsvyazbank launched a lawsuit against its former owners Dmitry and Aleksey Ananiev in a bid to recover more than 282 billion Russian rubles, RIA Novosti reported Dec. 22.

The lawsuit was lodged with the Moscow Arbitration Court and also includes Promsvyaz Capital, through which the Ananiev brothers controlled their majority stake in the bank.

Promsvyazbank, which was bailed out by the Russian central bank in December 2017, is suing its former owners and managers for approving various deals prior to the bailout. Promsvyazbank also said it is working with the central bank to recover assets withdrawn by the previous owners.

The financial institution is currently controlled by Russia's Federal Property Management Agency and is being transformed into a defense sector-focused lender to protect other Russian banks from Western sanctions.

As of Dec. 21, US$1 was equivalent to 68.72 Russian rubles.