Russian court seizes Deutsche Bank, Commerzbank assets as part of lawsuit

By Jerry  Published On May 20, 2024
MOSCOW, May 18 (Reuters) – A Russian court has ordered that Deutsche Bank’s (DBKGn.DE), opens new tab and Commerzbank’s (CBKG.DE), opens new tab assets, accounts, property and shares be seized in Russia as part of a lawsuit involving the German banks, court documents showed.
The banks were among the guarantor lenders under a contract for the construction of a gas processing plant in Russia with Germany’s Linde (LIN.DE), opens new tab, which was terminated due to Western sanctions.
The lawsuits were filed by St Petersburg-based RusChemAlliance, a joint venture 50% owned by Russian gas giant Gazprom (GAZP.MM), opens new tab which is the operator of the project.
The St Petersburg arbitration court has barred Deutsche Bank from exercising its 100% interest in the authorised capital of its Russian subsidiary, as well as Deutsche Bank Technology Center LLC.
The court has also imposed the seizure of up to 238.6 million euros ($259 million) in securities, real estate and bank accounts of Deutsche Bank, as well as its Russian subsidiary and Deutsche Bank Technology Center.
Source: REUTER

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