First deputy chairman of the Central Bank of Russia Alexey Ulukaev
Photo: Svetlana Privalova
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Central Bank Wins Noga Case
The Russian Central Bank has won the case connected with the freezing of its assets in French banks. A source close to the bank stated that a court in Nanterre ruled to unfreeze the Bank’s account in Calyon Bank. “The sum frozen in practice was equivalent to 49 million euro,” the source said, adding that Noga intends to continue its legal struggle.
The accounts of the Russian Central Bank and state news agency RIA Novosti were frozen due to a suit by the Swiss Noga company in January of this year. French banking law prohibits the seizure of the property of foreign central banks without preliminary approval of the court. The Russian government, Central Bank and RIA Novosti threatened to countersue Noga and individuals involved in it for the losses caused by the ungrounded and illegal seizures. In March, a Paris court ruled to unfreeze Central Bank of Russia accounts in Natexis Banques Populaires seized in a suit by Noga.
Noga tried to block Russian Central Bank accounts in 2000 and 2002. After those cases, the Bank of France and prosecutor’s office pressed for laws prohibiting the seizure of the property of central banks in France. Such a law was passed in 2005. At the same time, the Russian Central Bank accounts were frozen on an order that was also issued in accordance with the law.
www.kommersant.com
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