- Insolvency Insider UK
- Posts
- VTB Capital - Case Update
VTB Capital - Case Update

The High Court has granted summary judgment in favour of VTB Capital, effectively dismissing claims brought by a dual Ukrainian/Russian national who argued the investment bank’s actions contributed to his prosecution.
The claim was brought by Dmitry Gerasimenko and associated entities and centred on the alleged expropriation of Mr Gerasimenko’s interests in a Russian metallurgy business called the Red October Group, which he argued was orchestrated by the Russian state and its associates.
VTB Capital—an English company which entered administration following the introduction of sanctions against Russia—was sued as an “anchor defendant” for the purpose of establishing English jurisdiction over a broader group of Russian-linked defendants. Mr Gerasimenko claimed this was necessary because he could not have a fair trial in Russia.
Initially, Mr Gerasimenko alleged VTB Capital played a role in supporting a criminal complaint filed by VTB Russia in 2016, which led to wrongful criminal charges against him. After the evidence showed VTB Capital had no involvement in or knowledge of the complaint when it was filed, Mr Gerasimenko shifted his strategy. He then claimed that a document drafted by VTB Capital’s lawyer contained misleading statements about previous asset transfers within the Red October Group, contributing to a subsequent embezzlement indictment against him.
The Court found this new line of argument unpersuasive. The alleged misstatements were at most minor errors or omissions in a document that did not directly accuse Mr Gerasimenko or misrepresent his role. The Court considered the impugned document to be an unconvincing basis for the serious allegations made.
The Court concluded that there was no realistic prospect of success against VTB Capital and granted summary judgment. As VTB Capital was the only English-domiciled party, the decision effectively eliminated the English court's jurisdiction over the other defendants, though no formal order was made in that regard.
Read the decision HERE.
Professionals involved:
David Davies KC of Essex Court Chambers and Adam Al-Attar KC (instructed by Weil Gotshal & Manges) for VTB Capital/the administrators (David Soden and Stephen Browne of Teneo)
Daniel Warents of XXIV Old Buildings (instructed by Candey) for Mr Gerasimenko and the other claimants