RUSSIA SEIZES ITALIAN BANK’S ASSETS

Mario Nawfal

@MarioNawfal
🚨🇷🇺🇮🇹RUSSIA SEIZES ITALIAN BANK’S ASSETS

A St Petersburg court has seized €463mn worth of assets belonging to Italy’s UniCredit, according to court documents.

The move follows a claim from Ruskhimalliance, a subsidiary of Gazprom after Linde suspended work in Russia due to EU sanctions.

Ruskhimalliance then turned to the guarantee banks, which refused to fulfill their obligations because “the payment to the Russian company could violate European sanctions.”

They are also suing the other guarantee banks, including Deutsche Bank, Commerzbank, Bayerische Landesbank, and Landesbank Baden-Württemberg.

Source: FT