The illegal nationalization of Bank Snoras


On November 16, 2011, 10 years ago, the Board of the Bank of the Republic of Lithuania adopted a Resolution restricting the activities of Bank Snoras JSC. On the same day, a resolution was adopted on the withdrawal of the bank’s shares, providing for the payment of compensation to shareholders, but compensation was never paid indeed.

In 2016, a Russian investor who owned the main stake in an illegally nationalized and bankrupt bank, a citizen of the Russian Federation Antonov V.A., filed a lawsuit with the Arbitration Court of the city of Moscow. But Lithuania then used the right of immunity from the jurisdiction of the courts of the Russian Federation. After that, it was decided to apply to international authorities.

Recall that in 2019, the case was transferred to the United Nations Commission on International Trade Law (UNCITRAL). The claim is considered in an arbitration established by ad hoc in accordance with the rules of the UNCITRAL.

Over 5 years, the Fund’s lawyers (from the UK, USA, Russia and the Baltic states) have prepared dozens of applications to various authorities both in Russia and abroad. The Fund has already taken part in many proceedings.