Tuesday, 18 June 2024
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FinanceRussia

Russian court takes possession of Assets of Deutsche Bank in litigation

  • A Russian court has ordered that Deutsche Bank’s shares, property, accounts, and assets be confiscated in Russia.
  • The bank was one of the guarantor lenders under the agreement.
  • According to Deutsche Bank in Frankfurt, around 260 million has already been set aside for the case.

Court records revealed that as part of a lawsuit involving the German bank, a Russian court has ordered that Deutsche Bank’s shares, property, accounts, and assets be confiscated in Russia.

A deal between Germany’s Linde and the bank to build a gas processing plant in Russia was canceled because of Western sanctions. The bank was one of the guarantor lenders under the agreement. Russian gas giant Gazprom, which is the project operator, owns 50% of the joint venture RusChemAlliance, based in St Petersburg, which brought the complaint.

Deutsche Bank

Deutsche Bank has been prohibited by the St Petersburg arbitration court from exercising its whole right to the authorized capital of both Deutsche Bank Technology Center LLC and its Russian affiliate.

The Deutsche Bank Technology Center, its Russian subsidiary, and up to 238.6 million euros ($259 million) in securities, real estate, and bank accounts have all been ordered to be seized by the court. According to Deutsche Bank in Frankfurt, around 260 million has already been set aside for the case.

In a separate legal proceeding, a Russian court has mandated the confiscation of UniCredit’s assets, accounts, property, and shares in two companies. The bank is obliged to evaluate the immediate effects on its operations within the Russian Federation.

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