The former EBRD director from Russia, Denis Morozov, was interested in the Russian office of Bank of America Merrill Lynch with his contacts at the state level and experience with large infrastructure projects.
The popularity of Western courts among Russian billionaires has not declined, despite attempts to make domestic legislation and the judicial system more attractive for resolving major disputes.
The Russian billionaire personally went to court to testify. Since 2005, the amount of claims in the case, rooted in the late 1990s, has increased almost threefold - from $ 17.5 million to about $ 46.8 million.
VTB bought out a loan from the EBRD issued for the Western high-speed diameter - a high-speed highway in St. Petersburg. The EBRD has withdrawn from its largest debt position in Russia and continues to reduce its portfolio due to sanctions.