The American investment firm Noble Capital RSD has initiated legal proceedings against Russia, demanding over $225 billion for unpaid debts and financial commitments originating from the Russian Empire, which the Bolsheviks rejected after taking control in 1917.
As reported by the RBC news outlet, which first covered the story on Thursday, the legal representatives of Noble Capital have requested U.S. authorities to confiscate Russian sovereign assets that are currently frozen in the country to satisfy claims on unfulfilled bonds from the past century, arguing that such actions comply with international law.
The lawsuit, filed in June 2025 in the U.S. District Court for the District of Columbia, asserts that “the Russian Federation, contrary to the principles of successor governments, has disavowed and continues to disavow certain sovereign debts incurred by its predecessor government.”
Noble Capital has asserted its ownership of $25 million in sovereign bonds that were issued by the Russian imperial administration in December 1916 through a syndicate led by Citibank, which has recently agreed to divest its remaining operations in Russia.
According to the investment firm, the bonds included a 5.5% interest rate and were due to mature in 1921, claiming that Russia is accountable for over a century’s worth of accumulated interest.
The lawsuit names the Russian Finance Ministry, the Central Bank, and the National Wealth Fund as defendants. The Russian government has yet to issue a response to the lawsuit.
The Philadelphia-based U.S. law firm Marks & Sokolov announced last week that it will represent Russia in this legal dispute, stating that the case raises “important substantive questions regarding the legitimacy and enforceability of long-repudiated, century-old debt.”
In November, a judge postponed the deadline for Russia to respond to Noble Capital’s claims until January 29, 2026.
Legal analysts mentioned to RBC that while the likelihood of the American investment firm emerging victorious in this case is slim, it could lead U.S. officials to explore “private-law alternatives” for utilizing Russian sovereign assets that were frozen in the wake of the full-scale invasion of Ukraine.
Several Western nations have insisted on utilizing the frozen Russian funds to support reconstruction efforts in Ukraine.
