Russian Court Seizes €700 Million in Assets from UniCredit, Deutsche Bank, and Commerzbank

May 18, 2024, 11:37 AM

A Russian court in Saint Petersburg has seized assets worth €463 million from Italy’s UniCredit and €239 million from Germany’s Deutsche Bank. The court's decision follows a lawsuit filed by RusHimAlliance, a subsidiary of Gazprom, after Linde suspended work in Russia due to EU sanctions. The total value of the seized assets amounts to over €700 million, including real estate, securities, and accounts. The court ruling, dated May 16, also includes the seizure of assets from Commerzbank. The seizure reflects the growing tensions between Russia and European banks, which have largely exited the Russian market following Moscow's offensive on Kyiv in 2022.