A Moscow arbitration court has postponed until December its consideration of a claim by Russia’s Deposit Insurance Agency (ASV) seeking more than €260.8 million from Latvian flag carrier airBaltic. The dispute concerns loans issued in 2011 to former airBaltic shareholder Baltijas Aviacijas Sistemas (BAS), with the airline acting as guarantor; no ruling ordering payment has been made.
ASV is pursuing the claim as insolvency administrator for Investbank, whose licence was revoked in 2013. The bank provided financing under three loan agreements to BAS, which held a 48% stake in airBaltic at the time. BAS later stopped servicing the debt, while earlier proceedings produced claims of about €60 million in principal and interest against the borrower and guarantor. Those judgments were not enforced.
ASV subsequently argued that the loan agreements and guarantees were sham transactions concealing financing for airBaltic. It alleged that the funds moved from BAS through Latvijas Krajbanka to the airline. Russian courts invalidated the relevant agreements and transfers in proceedings in 2023, with the findings later upheld by higher courts, including Russia’s Supreme Court.
The latest adjournment followed airBaltic’s renewed request for time to submit additional evidence, including Latvian court decisions. The claim, filed in 2023, seeks recovery directly from the airline, but its enforceability outside Russia and airBaltic’s recognition of any corresponding liability have not been established.