Alexei Kudrin said Wednesday that Swiss trading company Noga had no legal grounds to seize paintings from Moscow's Pushkin Fine Arts Museum collection

Saturday, January 16, 2021

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Russian Finance Minister Alexei Kudrin said Wednesday that Swiss trading company Noga had no legal grounds to seize paintings from Moscow's Pushkin Fine Arts Museum collection. "Noga has no grounds to arrest the collection," Kudrin said, commenting on what has been the company's latest attempt to impound Russian property in a long-standing legal dispute over contractual obligations. Noga has been suing the Russian government for damages in connection with the early termination of trade agreements stipulating the supply of food and fertilizers in exchange for oil derivatives in 1990-1992. In February 1997, the Stockholm International Arbitration Court ruled that Russia pay Noga $23 million in damages on terms providing for rescheduling. "We recognize the 1997 decision handed down by the Stockholm Arbitration Court in Noga's favor and have more than once suggested that we implement it as part of our payments of the Soviet-era commercial debt to the London Club of creditor nations," Kudrin said. All creditors of the former Soviet Union accepted the debt rescheduling terms except for Noga, which demanded that the money due be repaid to it immediately and in a lump sum. "The international principle of creditors' equality does not allow for any exceptions if such an agreement is reached with the London Club," Finance Ministry officials said. In 2000, Noga prompted French authorities to freeze the accounts of Russia's Central Bank and arrest a Russian sail ship. In 2001, it attempted to impound Russian military planes at the Le Bourget air show outside Paris.

Print Alexei Kudrin said Wednesday that Swiss trading company Noga had no legal grounds to seize paintings from Moscow's Pushkin Fine Arts Museum collection

Bookmark Alexei Kudrin said Wednesday that Swiss trading company Noga had no legal grounds to seize paintings from Moscow's Pushkin Fine Arts Museum collection