On 30 October 2026, the Court of Appeal (the Master of the Rolls, the Vice President and Zacaroli LJ) handed down judgment dismissing an appeal by Russia’s second largest bank, VTB Bank.

The appeal challenged a decision by HM Treasury’s Office of Financial Sanctions Implementation (OFSI) to amend a General Licence in respect of the administration of VTB Bank's UK subsidiary, VTB Capital.

The judgment addresses some significant issues about the intersection between sanctions, insolvency and administrative law.

Thomas Munby KC appeared, with Sir James Eadie KC and Tom Rainsbury, for the successful respondent HM Treasury instructed by the Government Legal Department.

Read the judgment in full: PJSC VTB Bank v HM Treasury [2026] EWCA Civ 1373