Supreme Court suspends withdrawing of USD 350m from PrivatBank

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Ukraine’s Supreme Court has frozen a lower court decision to force state-owned PrivatBank to pay USD 350m to Surkis brothers until the end of the cassation proceedings in the case.

Brothers are considered to be ‘related parties’ to the previous owners who looted the bank until its nationalization in 2016.

Last week, a lower court ruled the brothers’ six British companies can start withdrawing money from the bank. The ruling drew widespread condemnation and seemed to raise a red flag to continued cooperation with the IMF.

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