An investment fund from the USA called Noble Capital has initiated legal proceedings against the Russian Federation, demanding a colossal sum of $225.8 billion. The lawsuit is based on the premise that modern Russia, as the successor to the Russian Empire, is responsible for repaying debts on bonds issued over a hundred years ago for American investors.
The claim has been registered in the Federal District Court for the District of Columbia. The defendants include not only the state but also significant financial institutions such as the Ministry of Finance, the Central Bank, and the National Wealth Fund (NWF). Representatives of Noble Capital, who consider themselves the legitimate successors of the owners of pre-revolutionary bonds, argue that the refusal to pay the debts violates international norms regarding succession.
Particular attention is drawn to the method by which the fund intends to collect this amount. Under the conditions of sanctions pressure, Noble Capital is seeking permission to use frozen Russian assets to pay this "historical debt." It is worth noting that after February 2022, Western countries blocked about $300 billion of Russia's gold and foreign exchange reserves, a significant portion of which is held in the European depository Euroclear.
The legal process is currently ongoing. According to the latest court ruling, the Russian side is required to provide an official response to the fund's demands no later than January 29, 2026. Legal experts note that such lawsuits concerning debts from the Tsarist era rarely lead to actual payments due to the age of the obligations and the political circumstances surrounding the recognition of debts from previous regimes. Nevertheless, the current situation with frozen assets gives the lawsuit a new legal context.
