The Russian subsidiary of the International Bank of Azerbaijan, IBA-Moscow, filed a lawsuit against the Kazakh company Munai Ontustik for $5.57 million, Trend reports via Russian media.
A lawsuit was filed with a court of arbitration for failure to fulfill obligations under credit agreements. As of Feb. 7, the claim is accepted, and the trial will be held on March 5.
Munai Ontustik is engaged in exploration, production, processing, purchase and sale of oil and oil products.
The International Bank of Azerbaijan (IBA) has been operating since 1992 and is one of two state-owned banks in Azerbaijan. Since July 2015, the bank is at the stage of recovery.
IBA-Moscow was founded in 2002.
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