Russian court orders seizure of UniCredit's local assets in Gazprom lawsuit
Date
5/19/2024 5:00:20 AM
(MENAFN) On Friday, a Russian court ruled to confiscate the local assets of the Italian bank UniCredit in connection with a lawsuit valued at 462.7 million euros (USD503 million) filed by Gazprom. The St. Petersburg and Leningrad Region Arbitration Court ordered the seizure of UniCredit's assets, including its subsidiaries, real estate holdings, and cash in bank accounts, according to court documents dated May 16.
UniCredit Bank acknowledged in its 2023 financial report that a Russian energy company, unnamed in the document, had initiated a lawsuit against it in the St. Petersburg court over guarantee claims amounting to 444 million euros. This legal action is linked to UniCredit's role as one of the guarantor lenders under a contract to construct a gas processing plant in Russia, a project undertaken with the German company Linde. However, this contract was terminated as a result of Western sanctions imposed following the outbreak of the Russian-Ukrainian war.
The court's decision reflects the ongoing financial and legal tensions exacerbated by the geopolitical conflict and the resulting sanctions, significantly impacting foreign companies operating in Russia.
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