A Russian court has ordered the seizure of the assets, accounts, property and shares of Deutsche Bank and Commerzbank in the country as part of a lawsuit involving the German banks, court documents showed.
The banks are among the guarantor lenders under a contract for the construction of a gas processing plant in Russia with the German company Linde. The project was terminated due to Western sanctions.
European banks have largely exited Russia after Moscow launched its offensive on Ukraine in 2022.
A court in St Petersburg ruled in favour of seizing €239 million from Deutsche Bank, documents dated May 16 showed.
Deutsche Bank in Frankfurt said it had already provisioned about €260 million for the case.
“We will need to see how this claim is implemented by the Russian courts and assess the immediate operational impact in Russia,” the bank added in a statement.
The court also seized the assets of Commerzbank, another German financial institution, worth €93.7 million as well as securities and the bank’s building in central Moscow.