Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Gazprom arm seeks foreclosure on Deutsche Bank Russia businesses -court document

Published 10/07/2023, 17:03
Updated 10/07/2023, 17:07
© Reuters. FILE PHOTO: The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo

MOSCOW (Reuters) - A subsidiary of Kremlin-owned gas giant Gazprom (MCX:GAZP) is seeking foreclosure on Deutsche Bank (ETR:DBKGn)'s Russian businesses over unpaid bank guarantees, court documents filed at a St Petersburg court show.

Deutsche Bank declined to comment on Monday on the court move by RusKhimAlyans, which relates to a payment on a banking guarantee of 238.1 million euros ($261 million) from September 2021.

Documents made public by the Court of Arbitration of St Petersburg and the Leningrad Region last week showed that RusKhimAlyans has filed lawsuits seeking a total of 31 billion roubles ($339 million) from Deutsche Bank and fellow German lender Commerzbank (ETR:CBKG).

RusKhimAlyans, in which Gazprom has a 50% stake, is seeking more than 22 billion roubles from Deutsche Bank and more than 8 billion roubles from Commerzbank, the documents show.

The court has since released details which show RusKhimAlyans is seeking foreclosure on 100% of Deutsche Bank's Russian subsidiary Deutsche Bank Limited Liability Company (LLC) and on Deutsche Bank Technology Centre.

The court has requested RusKhimAlyans submits additional documents by Aug. 4 2023.

($1 = 91.4585 roubles)

($1 = 0.9109 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.