MOSCOW, May 18, 2024 (Financeflashnews) – A Russian court has ordered the seizure of some of Deutsche Bank’s assets in Russia, including accounts, real estate, and shares. The move comes as part of an ongoing legal dispute over a breached contract for the construction of a gas plant.
The German bank had provided a guarantee for the contract to build the gas plant in Russia. The contract was canceled due to Western sanctions imposed on Russia after its invasion of Ukraine. RusChemAlliance, a Russian company that led the project, is now suing Deutsche Bank for breach of contract.
The court has ordered the seizure of 238.6 million euros ($259.36 million) worth of Deutsche Bank’s assets in Russia. Deutsche Bank has not yet commented on the move.
The asset seizure could have a significant impact on Deutsche Bank’s operations in Russia. It could make it difficult for the bank to function in the country and could lead to further tensions between Russia and the West. The situation also highlights the risks of doing business in Russia in the current geopolitical climate.
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