Certain assets of Russian organizations, including accounts of Russia's Central Bank and news agency RIA Novosti were frozen in France earlier this month over a claim by the Swiss trading firm to secure the repayment of debts under barter oil deals struck with Russia's government in the early 1990s.
"The Finance Ministry confirms once again that no assets owned by the Russian government have been seized by Noga. Measures have been taken to unblock the larger part of frozen assets, and Russian organizations whose accounts were seized will soon take further legal action to set free the remainder of their assets," the Finance Ministry said in a statement.
Since 1993, the Swiss firm has repeatedly applied for the seizure of Russian property abroad, including Russian Central Bank accounts in France and a sailing ship and warplanes brought into the country for shows, to secure the repayment of debts.
In its latest bid to seize Russian assets, the Swiss trading firm estimated the Russian government's debt to it at 49 million euros (about $70 million).
The ministry also said Noga would be unable to retain any of the frozen assets and that none of the affected Russian organizations would face any negative financial consequences as a result of the illegal asset seizure.
According to the ministry, Russia may challenge Noga's actions until April 2, three months after the affected Russian organizations were notified of the asset seizure.
The Finance Ministry said the affected Russian organizations would soon present counter-claims to Noga to demand compensation for damages caused by the illegal seizure of Russian assets.
The documents on the seizure of Russian assets indicate that the accounts were frozen pursuant to a ruling passed by the Stockholm Arbitration Court in 1997. However, the Finance Ministry said the documents do not mention that in the 1990s Noga ceded its claims to four Swiss banks.
"These rights of claims were subsequently acquired by the Russian side. Noga has lost the right to receive any assets pursuant to the Stockholm Arbitration Court's ruling," the statement said.
