European banks including Deutsche Bank and UniCredit have filed…
European banks including Deutsche Bank and UniCredit have filed lawsuits against the German company Linde, seeking compensation for losses incurred due to sanctions-related disruptions in Russia, specifically over a halted gas processing plant project in Ust-Luga. The dispute centers on guarantees issued by banks that were later invalidated after Linde suspended operations in Russia.
Consensus
- European banks including Deutsche Bank and UniCredit have filed lawsuits against the German company Linde.
- The lawsuits are related to losses caused by sanctions against Russia.
- The dispute stems from contracts signed in 2021 between Linde and 'Ruskhimalyans' (a joint venture of Gazprom) for a gas processing plant in Ust-Luga.
- Linde suspended operations in Russia after the introduction of EU sanctions.
- Banks refused to fulfill guarantees due to risks associated with sanctions.
- The first court hearing is scheduled for 14 July in Frankfurt.
- Deutsche Bank is seeking compensation of approximately €260 million.
Points of divergence
- Deutsche Bank lost around €244 million, UniCredit about €460 million, and Commerzbank around €90 million. — riamo
- In October 2024, the arbitration court in Saint Petersburg fully satisfied Ruskhimalyans' claim against Deutsche Bank. — fontanka
- Banks have lost around €1 billion in assets frozen by Russian courts; BayernLB reserved €285 million for potential loss, and LBBW did not file a lawsuit. — kommersant
Coverage (3 sources)
- Banks demand €260 million compensation from Linde for losses in Russia — РИАМО
- European banks file lawsuits against chemical giant Linde over anti-Russian sanctions — Фонтанка
- European banks file lawsuits against Linde for €1 billion due to sanction-related losses in Russia — Коммерсантъ