Deutsche Bank's assets in Russia, including its accounts, real estate and shares, have been seized as part of an ongoing lawsuit, according to a Russian court ruling. The German financial institution previously provided a guarantee for a contract to build a gas processing plant, which was terminated as a result of Western sanctions. This project was managed by RusChemAlliance, a joint venture founded in St. Petersburg, half owned by the Russian gas company Gazprom.
The St. Petersburg Arbitration Court blocked Deutsche Bank from exercising its ownership rights over its Russian subsidiary and a company called Deutsche Bank Technology Center LLC. He also ordered the freezing of securities, real estate and bank accounts belonging to the aforementioned entities with a total value of 238.6 million euros ($259.36 million).
Deutsche Bank did not comment on the matter, either in Frankfurt or in Russia.
In addition, the Russian court took similar action against the UniCredit Group, confiscating its assets, accounts and real estate as well as the shares of two of its subsidiaries in the context of another lawsuit.
Source: Reuters
Cover image source: Shutterstock
