Russia’s Sovcombank files lawsuit seeking to recover debt from HSBC

MOSCOW (Reuters) – Russian private lender Sovcombank has filed a lawsuit with a Russian court against British bank HSBC, seeking to recover debt in roubles equivalent to 12,958 ounces of gold, court filings showed.

Sovcombank was placed under U.S. sanctions on Feb. 24, 2022, the day Russia sent tens of thousands of troops into Ukraine, and measures from other jurisdictions soon followed as Western states sought to isolate Russia’s financial system.

Prior to being put under sanctions, Sovcombank was one of the largest operators on Russia’s precious metals market.

A court hearing in Kostroma, northeast of Moscow, has been scheduled for March 14, 2024. The documents were filed on Sept. 13 but first reported on Monday.

Neither Sovcombank nor HSBC had an immediate comment.

Sovcombank is seeking around 2.4 billion roubles ($25.1 million), according to Reuters calculations.

($1 = 95.6250 roubles)

(Reporting by Elena Fabrichnaya in Moscow and Alexander Marrow in London; editing by David Evans)