US investment fund sues Russia for $225 billion over Tsarist-era bond debt

Noble Capital RSD, a Texas-based investment fund, has initiated legal proceedings against the Russian Federation in a US court, seeking the return of bond debts dating back to the Russian Imperial era.

According to the complaint filed today, the fund is seeking damages in excess of $225.8 billion from Russia.

The legal filings, published by the judicial research service CourtListener, argue that the modern Russian state is responsible for the financial legacies of its predecessors. “The Russian Federation is the successor to the Russian Empire and its obligations arising from its sovereign bonds. Russia bears liability to Noble Capital for the bonds in question in an amount to be determined during the trial, but which shall not be less than $225.8 billion,” the document states.

Defendants include the Russian Central Bank and Ministry of Finance

The 12-page document submitted to the US District Court for the District of Columbia names several high-level state entities alongside the Russian Federation, according to reports by the Izvestiya newspaper.

The list of defendants prominently features the Russian Ministry of Finance, the Central Bank of Russia, and the country’s National Wealth Fund.

Noble Capital RSD, which defines its core mission as “preserving the legacy of the state,” has also made a critical request to the court regarding Russian liquidity and property.

The fund is seeking a court order to prohibit any transfer of the Russian government’s frozen assets or other property within the United States until the debt arising from these sovereign bonds is paid in full.

Russia’s US Treasury holdings continue to decline

The lawsuit comes as Russia’s official financial footprint in the United States reaches historic lows. Data released by the US Treasury Department on November 19, 2025, showed that Russia reduced its investment in US government bonds to just $31 million during the first month of last autumn.

Of this total, $22 million was held in long-term bonds, while $9 million was tied to short-term securities.

Financial analysts noted that the parties currently purchasing these debt instruments are predominantly private investors rather than state entities.