Deutsche Bank is being sued by Gazprom in Russia. DANIEL ROLAND/AFP via Getty Images
Russian court documents obtained by Business Insider show that a Gazprom subsidiary is seeking foreclosure on Deutsche Bank’s Russian business.
This escalates a legal dispute before the court in Saint Petersburg. It is about claims for damages in the amount of 225 million euros.
In response to a request, Deutsche Bank stated that it did not want to comment on this.
Gazprom subsidiary Ruskhimalyans is suing Deutsche Bank in Russia. Russian court documents obtained by Business Insider now show: Gazprom is demanding foreclosure on Deutsche Bank’s Russian business.
Accordingly, it is about foreclosure of 100 percent of the shares of Deutsche Bank Aktiengesellschaft in Deutsche Bank LLC and Deutsche Bank Techcenter LLC, which form the Russian business of the bank.
The previous lawsuit by the Gazprom subsidiary involved claims for damages of 238 million euros. The reason is a recovery of a payment from a bank guarantee from 2021. This is evident from the documents. The court is scheduled to make a decision on the foreclosure on August 4th. Accordingly, the Arbitration Court of Saint Petersburg and the Leningrad Region is responsible.
The lawsuit against Deutsche Bank appears to be linked to an LNG terminal near Saint Petersburg. According to court documents, the issue is an unpaid bank guarantee from the end of 2021. During this period, a joint venture between the industrial giant Linde and Gazprom was awarded the contract to build the terminal. After the start of the Russian war of aggression, Linde withdrew from the project. The withdrawal from Russia cost Linde more than one billion euros.
When asked by Business Insider, Deutsche Bank said it did not want to comment on the case.
Deutsche Bank continues to be active in Russia
Even after the war began, Deutsche Bank remained active in Russia. According to its own statements, however, it is not doing any new business and is reducing its activities in the country. Loud “HE DOES„ the Russian business is worth 1.6 billion euros. In addition, the bank has deposits of EUR 800 million with the Central Bank of Russia.
Reuters reported that Commerzbank was also sued by the Gazprom subsidiary. The lawsuit amounted to “only” the equivalent of 92 million euros. Whether the enforcement of the Russian subsidiaries of Commerzbank was also requested is still unknown.
Linde was also sued by Ruskhimalyans – and half a billion euros in assets were frozen
The Gazprom subsidiary has already sued the industrial giant Linde in the past. The reason for this was the lack of deliveries for the liquid gas terminal under construction in Ust-Luga. According to several media reports, Linde’s Russian assets were then frozen, which amounted to around 450 million euros at the time.