3VB barristers act on both sides of challenge to licensing decision by sanctioned Russian bank

On 19 December 2025, Mrs Justice Collins Rice handed down judgment in PSJC VTB Bank v HM Treasury [2025] EWHC 3359 (Admin), in which Russia’s second largest bank, VTB Bank, challenged a decision by HM Treasury’s Office of Financial Sanctions Implementation to amend a General Licence in respect of the administration of its UK subsidiary, VTB Capital. The Judge dismissed six grounds of challenge brought under section 38 of the Sanctions and Anti-Money Laundering Act 2018.

Tom Rainsbury, led by Sir James Eadie KC and Thomas Munby KC, acted for HM Treasury instructed by the Government Legal Department. William Day, with Tim Owen KC and Tim James-Matthews, acted for VTB Bank instructed by PCB Byrne. Will also acts for VTB Bank, who has submitted a £205 million proof of debt in VTB Capital’s administration, in the parallel proceedings in the Chancery Division against the joint administrators of VTB Capital (who intervened in the Administrative Court proceedings as interested parties).

The judgment can be accessed here.