Russian court seizes Deutsche Bank assets as part of lawsuit

18/5/2024 16:48

        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 in securities, real estate and bank accounts of Deutsche Bank, as well as its Russian subsidiary and Deutsche Bank Technology Center.