An investment fund from the USA, known as Noble Capital, has initiated legal proceedings against the Russian Federation, demanding a staggering sum of $225.8 billion. According to the plaintiffs, modern Russia, as the successor to the Russian Empire, is obligated to settle debts related to bonds that were issued for American investors over a hundred years ago.
The lawsuit was filed in the U.S. District Court for the District of Columbia, and among the defendants are not only the Russian state but also key financial institutions, including the Ministry of Finance, the Central Bank, and the National Wealth Fund. Representatives of Noble Capital, who consider themselves the legitimate successors of the owners of pre-revolutionary bonds, argue that the refusal to make payments violates international norms regarding succession.
Particular attention is drawn to the mechanism that the fund proposes to use for collection. Under the conditions of sanctions pressure, Noble Capital seeks permission to use Russia's frozen assets to settle this "historical debt." It is worth noting that after the onset of the conflict in February 2022, Western countries froze about $300 billion of Russia's gold and foreign exchange reserves, most of which are held in the European depository Euroclear.
The litigation process is actively ongoing. According to the latest court ruling, Russia is required to respond to the fund's demands no later than January 29, 2026. Legal experts emphasize that similar cases regarding Tsarist debts rarely lead to actual payments, given the age of the obligations and the political complexities of recognizing the debts of previous regimes. Nevertheless, the current situation with blocked assets gives this lawsuit a new legal context.
