UK court says Russian businessman Mints cannot pause $850 million fraud case over sanctions

The High Court in London ruled on Friday that a prominent Russian businessman could not pause an $850 million fraud lawsuit brought by two Russian banks because of British sanctions. Boris Mints and his sons Dmitry, Alexander and Igor are being sued by National Bank Trust, which is 99% owned by the Central Bank of Russia, on behalf of Bank Otkritie, once Russia’s largest private lender before it collapsed in 2017.

The High Court in London ruled on Friday that a prominent Russian businessman could not pause an $850 million fraud lawsuit brought by two Russian banks because of British sanctions.

Boris Mints and his sons Dmitry, Alexander and Igor are being sued by National Bank Trust, which is 99% owned by the Central Bank of Russia, on behalf of Bank Otkritie, once Russia’s largest private lender before it collapsed in 2017. Lawyers representing the Mints family – who deny the banks’ fraud allegations – say the lawsuit should be indefinitely put on hold because, if the banks win at trial, any damages could not be paid as Bank Otkritie is under British sanctions.

At a hearing in December, Judge Sara Cockerill was told by lawyers for Dmitry and Alexander Mints that any money recovered could be used to "indirectly fund the war in Ukraine". However, Cockerill dismissed Mints' application on Friday.

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