Russian court seizes Deutsche Bank assets as part of lawsuit
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 18 2024
0mins
Source: reuters
- Russian Court Seizes Deutsche Bank's Assets: A Russian court has ordered the seizure of Deutsche Bank's assets, accounts, property, and shares in Russia as part of a lawsuit involving the German bank and a gas processing plant construction contract.
- Lawsuit Involving Guarantor Lenders and Western Sanctions: The lawsuit was filed by RusChemAlliance, a joint venture owned by Gazprom, against Deutsche Bank due to the termination of the contract with Linde because of Western sanctions.
- Restrictions on Deutsche Bank's Operations: The St Petersburg arbitration court has restricted Deutsche Bank from exercising its interest in its Russian subsidiary and imposed the seizure of millions of euros in securities, real estate, and bank accounts.
- UniCredit Also Facing Seizure: UniCredit, another bank, is also facing asset seizures in Russia as part of a parallel lawsuit ordered by the Russian court.
- Deutsche Bank's Response: Deutsche Bank in Frankfurt has provisioned funds for the case and is monitoring the situation to assess the operational impact in Russia.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
