U.S. Fund Sues Russia For $225 Billion
- 16.01.2026, 13:57
On the debts of the Russian Empire.
Investment fund Noble Capital RSD demanded from Moscow to pay $225 billion on debt obligations of the Russian Empire. The corresponding lawsuit against the Russian Federation, the Russian Finance Ministry, the Central Bank and the National Welfare Fund has been filed in the U.S. federal court in the District of Columbia, RBC noted. "The Russian Federation, in violation of the doctrine of succession of power, has refused and continues to refuse to fulfill certain obligations under government debts incurred by its predecessor, the Russian Empire," the lawsuit states.
Nord Capital RSD describes itself as the rightful owner of $25 million in bonds of the Russian Empire with an interest rate of 5.5%, which were issued in 1916 and placed through National City Bank of New York (now Citibank). According to the plaintiff's version, Russia as the legal successor of the USSR inherited the debts, which, including interest, are estimated at no less than $225.8 billion (17.5 trillion rubles at the current exchange rate). This amount is equal to 43% of Russia's annual budget (40.2 trillion rubles) and exceeds the market value of Sberbank, Gazprom and Rosneft combined (6.5 trillion, 2.9 trillion and 4.2 trillion rubles, respectively). The Fund proposes to repay the debt at the expense of Russia's assets frozen after 2014 and 2022. At the same time, about $5 billion of the Russian Central Bank's assets were blocked in the United States, while the rest of the funds are in European countries.
The law firm Marks & Sokolov will represent the interests of the defendants. The Russian Finance Ministry said the issue of a lawsuit in the United States "is within the competence of the Prosecutor General's Office." Sergei Obukhov, deputy chairman of the State Duma Committee on Civil Society Development, said that the tsarist debts "should not be recognized, including for statute of limitations" and because Russia "is not the legal successor of the Russian Empire." The deputy noted that "Anglo-Saxon law is actually a case law" and "mishaps are possible."
Lawyers interviewed by RBC note that earlier even the recognition of the debt would not have allowed to execute the court decision, but the sanctions policy has created opportunities for the application of interim measures and asset management. At the same time, the plaintiff notes in its statement that the matter is not about confiscation, but about offsetting the debt as a form of fulfillment of the obligation.
In turn, the creation of additional legal risk and uncertainty around Russian assets may affect the negotiating positions of the United States and Russia on Ukraine, the lawyers warned.