Russian court freezes assets of two German banks in gas project dispute
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A court in St. Petersburg has ordered the seizing of assets of Germany's Deutsche Bank and Commerzbank in Russia in response to a lawsuit over the planned construction of a liquefied natural gas terminal in the Baltic Sea. The banks were guarantors in the contract for building a gas processing plant by Renaissance Heavy Industries and German company Linde. The project was cancelled after Western sanctions, with the banks withdrawing their guarantees. RusChemAlliance, a subsidiary of Russian gas giant Gazprom and the project operator, is claiming about 238.61 million euros ($260 million) against Deutsche Bank and 94.92 million euros ($103 million) against Commerzbank. Deutsche Bank has made a provision of approximately 260 million euros ($283 million) under an indemnification agreement and will assess the immediate operational impact in Russia and how the claim will be viewed by the Russian courts.



https://abcnews.go.com/International/wireStory/russian-court-freezes-assets-german-banks-gas-project-110374934