Rusal vs Germany: Aluminium giants threaten legal action over VTB Bank liquidation
Rusal says this sequence of events illegally expropriated its subsidiary’s rights under a hedging contract, culminating in a London arbitration award ordering Rusal to pay EUR 213 million to the bank’s liquidators. Rusal has now threatened an investment treaty claim against Germany, arguing that Germany’s actions (through BaFin and the courts) amounted to unlawful confiscation of its business.
Importantly, this was not a commercial merger or purchase but a regulator-driven takeover. German authorities completely cut off VTB’s European arm from its parent under Western sanctions. As Reuters reported, after sanctions, Germany’s regulators would “no longer allow VTB Europe to take instructions from the parent”, effectively expropriating control to enforce EU rules.
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