Russian subsidiary of Azerbaijani bank files lawsuit against Kazakh company

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.

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.