German lender Kreditanstalt for Wiederaufbau (KfW) has triumphed in a UK High Court battle over a loan agreement with a Russian shipowner originally agreed 25 years ago.

KfW won a summary judgment worth €9.7m ($11.8m) against Azov-Don Shipping Company (ADSC) in the Commercial Court for sums owed.

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The bank agreed a loan in 1996 with Roststar Shipping Company, a subsidiary of Volgo-Don Shipping Co (VDSC), which was the guarantor under English law.