Saint Petersburg Court Seizes €463 Million of UniCredit Assets, €239 Million of Deutsche Bank Assets

May 18, 2024, 09:22 AM

A Russian court has ordered the seizure of assets belonging to Italy's UniCredit and Germany's Deutsche Bank. The court in Saint Petersburg ruled to freeze €463 million worth of assets from UniCredit, the European lender with the second-biggest exposure to Russia, and €239 million from Deutsche Bank. The action is part of a €462.7 million lawsuit filed by a Gazprom venture against UniCredit. The seizures are seen as part of a broader trend of expropriation of Western bank assets in Russia, with recent actions also affecting JP Morgan and Commerzbank. The Deutsche Bank seizure is based on a claim by Ruskhimalliance.