On November 16, 2011, exactly 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.

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

It should be reminded that in 2019 a claim was filed with the UN Commission on International Trade Law (United Nations Commission On International Trade Law, UNCITRAL). The claim is now considered in an ad hoc arbitration in accordance with the rules of UNCITRAL.

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

To be clear: the above-mentioned events on the nationalization of “Snoras” Bank occurred during the presidency of Dali Grybauskaite (2009-2019) in 2011. The Lithuanian government acted drastically and changed its own legislation, by passing laws necessary for the expropriation of the bank during one night. The Lithuanian authorities appealed to the courts with a request to classify all information about the investigation of the illegal nationalization of “Snoras” however – unsuccessfully .

To be clear: Lithuanian“Snoras” Bank was established in 1992 as Siauliai Regional Bank. In 1993 it was rebranded as the JSC Bank “Snoras”. It was a member of the “Convers Group”. “Latvijas Krajbanka” (Bank of Latvia) is a subsidiary of the “Snoras”. Snoras had branches in Latvia and Estonia. Representative offices located in Belarus, Ukraine, the Czech Republic and Belgium. For many years it was the largest bank in Lithuania. On November 16, 2011, it was illegally nationalized.