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Judicial problems in Russia For Unicredit. The Arbitration Court of St. Petersburg and the Leningrad Region has seized accounts, assets and properties of the Italian bank worth almost 463 million of Euro. The news was released by the agency Taxaccording to which the measures are provisional.
The decision was taken at the request of RusChemAllianceone joint ventures among the colossus Gazprom and Rusgazdobycha which deals with the processing of liquid gas containing ethane in Ust-Luga. The assets that ended up in the crosshairs of the Federation’s justice system belong to Unicredit Bank JSC and Unicredit Bank AG, based in Munich. Shareholdings in Unicredit Leasing LLC and Unicredit Garant LLC were also seized, but the court denied the Russian company the seizure of 100% of its shares in the latter two locations and, according to what was reported by the Taxestablished that “Due to the fact that the correspondent accounts opened in the name of the defendants also contain the funds of their clients, the seizure of funds deposited in such accounts can only be carried out in relation to the funds belonging to the defendants, but not their clients“.
As reported by the newspaper Kommersat and by the agency InterfaxRusChemAlliance filed a lawsuit against the German branch of the banking institution in August 2023 following the blocking of the construction of a gas processing plant in Ust-Luga, Leningrad Region, which occurred in May 2022 and decided by Lindewhich was working on the project with the Russian company a Renaissance Heavy Industriesso as not to violate the sanctions imposed on Russia byEuropean Union. At that point the guarantor banks, including Unicredit, refused to make payments to RusChemAlliance for the same reason.
In addition to the Italian institute, the Moscow company has also sued Deutsche Bank, Commerzbank, Bayerische Landesbank and Landesbank Baden-Wurttemberg, as well as filing another lawsuit against Linde for 105.5 billion of rubles whose first hearing is scheduled for June 13.
