Soviet court seizes 463 million assets from Unicredit Russia
The Arbitration Court of St. Petersburg has seized Russian accounts and real estate of Unicredit Bank Jsc and Unicredit Bank Ag (Munich) for 463 million euros on a request from RusKhimAlliance. This is what the Russian economic newspaper ‘Kommersant’ reports. RusKhimAlliance had filed a lawsuit against UniCredit Bank Ag in August 2023.
RusChemAlliance is a joint venture between Gazprom and Rusgazdobycha, and is one of the operators building a complex for the treatment of gas containing ethane in Ust-Luga. The court seized assets of Unicredit Bank JSC and Unicredit Bank AG (Monaco) including securities, real estate and funds. Shares in Unicredit Leasing LLC and Unicredit Garant LLC were also seized.
The court issued six enforcement warrants under the provisional measures decision. RusChemAlliance, the Linde consortium and Renaissance Heavy Industries LLC signed an EPC contract in 2021 for the construction of a gas processing plant in the Leningrad region. RusChemAlliance transferred an advance to Linde, but Linde informed the customer that it would suspend operations in May 2022 due to EU sanctions. The guarantor banks, Interfax reports, refused to fulfill their obligations, as the payment to the Russian company could violate European sanctions. RusChemAlliance filed a complaint against Deutsche Bank, Commerzbank AG, Unicredit Bank AG, Bayerische Landesbank and Landesbank Baden-Wurttemberg at the Arbitration Court of St. Petersburg and the Leningrad Region. The principal amount of the claim against Unicredit for the collection of arrears under bank guarantee is equal to 444 million euros.
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