Avia Capital Leasing, a subsidiary of the second-largest bank in Russia, unable to pay redundancy after EU bank accounts frozen following invasion of Ukraine
Staff at Russia n aircraft lessor Avia Capital Leasing's Irish business were left without redundancy pay when the operation shut after being hit by sanctions.
Avia Capital Leasing, a subsidiary of the second-largest bank in Russia, the state-owned VTB, told the tribunal last year that it had no access to funds lodged with its parent’s German division, VTB Bank SE. The firm’s remaining director, Mikhail Trufanov, addressed the hearing via an interpreter to confirm the Irish office had shut.
Addressing the three workers’ redundancy complaints in separate decision documents, adjudicating officer Roger McGrath wrote: “This is an unfortunate situation where the complainant is one of a number of employees of the respondent company left ‘high and dry’ due to the sanctions imposed on Russian entities following the Russian government’s decision to launch a war against Ukraine.”
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