An American investment fund has launched a sweeping legal challenge against Russia, seeking more than $225 billion in unpaid imperial-era debt. Noble Capital RSD filed the lawsuit in the U.S. District Court for the District of Columbia, arguing that Russia remains liable for obligations repudiated after the Bolsheviks seized power in 1917.
According to RBC, which first reported the case, Noble Capital has urged U.S. authorities to seize Russian sovereign assets frozen in the United States. The fund claims such action would compensate holders of century-old bonds and comply with international law. Moreover, the lawsuit contends that Russia violated the doctrine of state succession by continuing to reject debts incurred by its predecessor government.
Noble Capital says it owns $25 million in bonds issued by the Russian Empire in December 1916 through a syndicate led by Citibank. The bonds carried a 5.5 percent interest rate and matured in 1921. Consequently, the fund argues that Russia owes more than a century of accumulated interest.
Frozen assets and uncertain prospects
The defendants named in the suit include Russia’s Finance Ministry, Central Bank, and National Wealth Fund. So far, Russian officials have declined to comment publicly on the claims.
Meanwhile, the Philadelphia-based law firm Marks & Sokolov confirmed it represents Russia in the dispute. The firm said the case raises serious questions about the enforceability of long-repudiated debt dating back more than 100 years.
In November, a U.S. judge extended Russia’s deadline to respond to the lawsuit until Jan. 29, 2026. Legal experts told RBC that Noble Capital faces long odds in court. However, they added the case could encourage U.S. policymakers to explore private-law mechanisms for using frozen Russian assets.
Western governments have repeatedly signaled interest in redirecting those assets to support Ukraine’s postwar reconstruction efforts.
American fund Noble Capital sues Russia for imperial-era debt, seeking frozen assets and challenging century-old repudiated bonds
