russian court seizes over €700 million in assets of three western banks
Kyiv • UNN
A court in st. petersburg has seized assets worth more than €700 million from UniCredit, Deutsche Bank and Commerzbank over a dispute with a Gazprom subsidiary over a contract with German company Linde.
A court in st. petersburg has seized the assets of UniCredit, Deutsche Bank and Commerzbank for more than 700 million euros. This was reported by the Financial Times, according to UNN.
Details
A court in st. petersburg ruled to seize the assets of three Western banks - UniCredit, Deutsche Bank and Commerzbank - totaling more than 700 million euros.
The court's decision came at the request of Ruskhimalliance, a subsidiary of Gazprom, after a dispute with the guarantor banks over the fulfillment of a contract with the German company Linde. These banks refused to fulfill their obligations, citing European sanctions against russia.
The assets of UniCredit were seized in the amount of 463 million euros, Deutsche Bank - in the amount of 238.6 million euros, and the details of the seizure of Commerzbank's assets have not yet been made public. The court also restricted the possibility of selling these banks' businesses in russia without putin's approval.
Representatives of UniCredit and Deutsche Bank stated that they were protected and ready to compensate for losses. However, Bayerische Landesbank and Landesbank Baden-Württemberg refused to comment on the situation.
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