Russian court seizes Deutsche Bank assets as part of lawsuit

    The Hawk
    May18/ 2024
    Last Updated:

    A Russian court has ordered the seizure of Deutsche Bank's assets, accounts, property, and shares in Russia in a lawsuit linked to a terminated gas processing plant project. The lawsuit, initiated by RusChemAlliance, a joint venture partly owned by Gazprom, comes amid the backdrop of Western sanctions.

    A view of Deutsche Bank Building

    Moscow: A Russian court has ordered that Deutsche Bank's assets, accounts, property and shares be seized in Russia as part of a lawsuit involving the German bank, court documents showed.

    The bank was one of the guarantor lenders under a contract for the construction of a gas processing plant in Russia with Germany's Linde, which was terminated due to Western sanctions.

    The lawsuit was filed by St Petersburg-based RusChemAlliance, a joint-venture that is 50% owned by Russian gas giant Gazprom and which is the operator of the project.

    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 ($259.36 million) in securities, real estate and bank accounts of Deutsche Bank, as well as its Russian subsidiary and Deutsche Bank Technology Center.

    Deutsche Bank in Frankfurt and in Russia did not immediately respond to a request for comment.

    The Russian court on Friday ordered UniCredit's assets, accounts and property, as well as shares in two subsidiaries, be seized as part of a parallel lawsuit.