Deutsche Bank allows the confiscation of assets in Russia due to the claim of Rukhimalliance

The German Deutsche Bank will not be able to repay the debt under the claim of Ruskhimalliance (a parity joint venture of Gazprom and Rusgazdobycha) due to EU sanctions, so the Russian assets of the credit institution may be confiscated, the report says (.pdf) O income bank on September 30.

“It is expected that the Russian court will not recognize EU sanctions as a basis for refusing payment. Deutsche Bank has assets in Russia that may be seized if the claim is satisfied and enforced,” the report says.

Deutsche Bank said it had created a reserve of €258 million in the third quarter of 2023 in case of asset confiscation.

July 4th “Ruskhimalliance” filed claims against Deutsche Bank and Commerzbank in the Arbitration Court of St. Petersburg and the Leningrad Region. The claims are related to Ruskhimalliance’s statement of claims against the German chemical company Linde for €1.1 billion. Frank Media with reference to the case materials, it reports that the claim against Deutsche Bank has been registered in the amount of about 23.7 billion rubles.

In mid-October, a London court prohibited Rukhimalliance from filing claims based on the latter’s violation of the arbitration agreement.

Linde in July 2021 concluded contract with a Russian company for the design, procurement and construction of a gas processing plant in the Leningrad region, but suspended work in June 2022 due to EU sanctions. “Ruskhimalliance” reported that German guarantor banks also refuse to fulfill their obligations

Erdni Kagaltynov