Russia freezes assets of Deutsche Bank

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Abroad consequences of the sanctions

Russia freezes assets of Deutsche Bank

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Deutsche Bank

Deutsche Bank headquarters

Source: picture alliance/dpa/Boris Roessler

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At the request of a Gazprom subsidiary, a St. Petersburg arbitration court has frozen accounts, real estate and securities of several banks in Russia, including Deutsche Bank. The background is the collapsed construction of an LNG terminal, for which the banks had guaranteed.

EArbitration court in St. Petersburg has frozen assets of several banks in Russia, including Deutsche Bank. The measure comes at the request of RusChimAllianz, a subsidiary of Gazprom. The background is the failed operation of an LNG terminal on the Baltic Sea. The Russian state news agency Tass reported this on Saturday.

The RusChimAllianz is making claims against Deutsche Bank for 238.61 million euros. The assets were blocked in the form of securities belonging to Deutsche Bank and other companies with its participation, as well as in the form of real estate and money in accounts. It is therefore only part of the bank’s assets in Russia.

The court had previously also frozen bank accounts and assets of the Italian bank Unicredit in Russia. Other donors are also affected. The reason is that the construction of the terminal collapsed due to Western sanctions, for which the banks had helped guarantee. RusChimAllianz wants 444 million euros from Unicredit. Assets worth 463 million euros are to be frozen.

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Deutsche Bank said it remained to be seen how this decision would be implemented by the Russian courts and what consequences this would have for the bank’s operations in Russia.

“Deutsche Bank sees itself as fully protected by a compensation agreement with a customer,” said the bank from Frankfurt/Main. Deutsche Bank recorded a provision of around 260 million euros and a corresponding asset from reimbursements as part of the compensation agreement.

Unicredit is the second largest active foreign bank in Russia

Unicredit is the largest active foreign bank in Russia after Raiffeisenbank and is one of the 20 largest banks in the country based on its balance sheet assets.

RusChimAllianz signed a contract for the construction of the plant with the German industrial group Linde and the construction company Renaissance Heavy Industries in 2021. RusChimAllianz paid an advance to Linde for this, it was said. After the war of aggression against Ukraine launched by Kremlin chief Vladimir Putin, the West imposed sanctions. According to the information, Linde has informed its clients that the work has stopped.

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The banks that had acted as guarantors for the deal also withdrew their guarantees because of the sanctions. In addition to Deutsche Bank and Unicredit, Commerzbank, Bayerische Landesbank and Landesbank Baden-Württemberg were also sued before the arbitration court in St. Petersburg.

In contrast to Unicredit, the companies did not have large branches in Russia. German companies have lost billions in investments in Russia due to the sanctions.

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