The measure comes on the request of RusChimAllianz, a subsidiary of Gazprom working an LNG terminal on the Baltic Sea, which is claiming €238.61 million in opposition to Deutsche Financial institution and €94.92 million in opposition to Commerzbank. The Russian state information company Tass reported this on Saturday.
The belongings had been blocked within the type of securities belonging to Deutsche Financial institution and Commerzbank and different firms with their participation, in addition to within the type of actual property and cash in accounts. The court docket had beforehand additionally frozen financial institution accounts and belongings of the Italian financial institution Unicredit in Russia. Unicredit is the biggest lively international financial institution in Russia following Raiffeisenbank and is likely one of the 20 largest banks within the nation primarily based on its steadiness sheet belongings.
Different donors affected
Different donors are additionally affected. The background is the collapsed building of the terminal as a consequence of Western sanctions, for which the banks had helped assure. RusChimAllianz needs 444 million euros from Unicredit. Belongings price 463 million euros are to be frozen.
Deutsche Financial institution mentioned it remained to be seen how this resolution can be carried out by the Russian courts and what penalties this may have for the financial institution’s operations in Russia. “Deutsche Financial institution sees itself as absolutely protected by a compensation settlement with a buyer,” it was emphasised on the identical time in Frankfurt/Predominant. Deutsche Financial institution recorded a provision of round 260 million euros and a corresponding asset from reimbursements as a part of the compensation settlement.
Ensures withdrawn
In 2021, RusChimAllianz signed a contract with the German industrial group Linde and the development firm Renaissance Heavy Industries to construct the plant. RusChimAllianz paid Linde an advance for this, it was mentioned. After the conflict of aggression in opposition to Ukraine launched by Kremlin chief Vladimir Putin, the West imposed sanctions. In keeping with the knowledge, Linde knowledgeable its consumer that the work was stopped.
The banks that had acted as guarantors for the deal additionally withdrew their ensures due to the sanctions. Along with Deutsche Financial institution and Unicredit, Commerzbank, Bayerische Landesbank and Landesbank Baden-Württemberg had been additionally sued earlier than the arbitration court docket in St. Petersburg. In distinction to Unicredit, the businesses didn’t have giant branches in Russia. German firms have misplaced billions in investments in Russia as a result of sanctions.
