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MOSCOW, October 24. /TASS/. Russia's second largest bank VTB has filed a lawsuit to the European Union’s Court on the cancellation of a decision by the EU’s Council on the imposition of sectoral sanctions against Russia, the bank said on Friday.
The bank said sanctions were causing damage to VTB and its clients. "VTB will not comment on the lawsuit and court proceedings until the European Union’s Court issues a ruling," the bank said.
Russia’s largest bank Sberbank filed a similar lawsuit to the European Union’s Court earlier on Friday.
The EU imposed sectoral sanctions against the Russian financial sector from August 1, 2014 over Russia’s stance on the Ukraine crisis. The sanctions hit Russia’s state-controlled Sberbank, VTB Bank, Gazprombank, Vnesheconombank (VEB) and Russian Agricultural Bank.
The sanctions are effective for one year with a possibility of their review after three months. The sectoral sanctions prohibit European resident entities to provide medium- and long-term financing to these banks.