A Russian court has frozen the local assets of Germany’s Deutsche Bank AG and Commerzbank AG, and Italy’s UniCredit SpA under lawsuits totalling over $1.09 billion filed by a Gazprom PJSC venture.
The Arbitration Court of the St. Petersburg and Leningrad region arrested assets of Munich-registered UniCredit Bank AG and Moscow-based UniCredit Bank AO as part of the suit from RusKhimAlians, according to court documents dated May 16.Stakes in two other Russia-based related companies were frozen, along with real estate and cash in bank accounts. The court also froze securities owned by Deutsche Bank in Russia.
The joint enterprise between Russia’s state-run natural gas giant and smaller producer Rusgazdobycha launched more than $1 billion in legal claims against European banks that backed a key natural gas project caught up in sanctions against Russia.
The Arbitration Court of the St. Petersburg and Leningrad region arrested assets of Munich-registered UniCredit Bank AG and Moscow-based UniCredit Bank AO as part of the suit from RusKhimAlians, according to court documents dated May 16.Stakes in two other Russia-based related companies were frozen, along with real estate and cash in bank accounts. The court also froze securities owned by Deutsche Bank in Russia.
The joint enterprise between Russia’s state-run natural gas giant and smaller producer Rusgazdobycha launched more than $1 billion in legal claims against European banks that backed a key natural gas project caught up in sanctions against Russia.