A Russian court has ordered that Deutsche Bank\u2019s DBKGn.DE assets, accounts, property and shares be seized in Russia as part of a lawsuit involving the German bank, court documents showed.
\nThe bank was one of the guarantor lenders under a contract for the construction of a gas processing plant in Russia with Germany\u2019s Linde LIN.DE, which was terminated due to Western sanctions.
\nThe lawsuit was filed by St Petersburg-based RusChemAlliance, a joint venture 50% owned by Russian gas giant Gazprom GAZP.MM which is the operator of the project.
\nThe 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.
\nThe 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.
\nDeutsche Bank in Frankfurt said it had already provisioned around 260 millions for the case.
\n\u201cWe will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia,\u201d the bank said in a statement.
\nThe Russian court on Friday ordered UniCredit\u2019s CRDI.MI assets, accounts and property, as well as shares in two subsidiaries, be seized as part of a parallel lawsuit.
\n(Reuters)lawsuit. lawsuit involving Deutsche Bank, Russian court, asset seizure<\/p>\n","protected":false},"excerpt":{"rendered":"
A Russian court has ordered the seizure of Deutsche Bank’s assets, accounts, property, and shares in Russia as part of a lawsuit related to a terminated contract for a gas processing plant. The lawsuit was filed by RusChemAlliance, a joint venture half-owned by Gazprom. The court also imposed the seizure of up to 238.6 million euros in securities, real estate, and bank accounts. Deutsche Bank had provisioned around 260 million for the case and is assessing the operational impact in Russia. UniCredit’s assets were also ordered to be seized in a parallel lawsuit.<\/p>\n","protected":false},"author":5,"featured_media":12296,"comment_status":"open","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[10443,1902,1625,932,10440,4548,576,7905,899,2878,10442,4753,284,287,19,10441,331,3798,9314,1827,1682,18],"class_list":["post-12295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-asset-seizure","tag-bank","tag-construction","tag-court","tag-deutsche-bank","tag-gas","tag-germany","tag-impact","tag-interest","tag-lawsuit","tag-lawsuit-involving-deutsche-bank","tag-project","tag-property","tag-real-estate","tag-russia","tag-russian-court","tag-sanctions","tag-shares","tag-st","tag-statement","tag-technology","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n