European banks including Deutsche Bank and UniCredit have filed… (млн · банк · евро)
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