The Ukrainian War and Western sanctions imposed on Russia are having a significant impact on several international markets, especially the financial one. Russia has responded forcefully against foreign companies operating on its territory in what amounts to nothing more than economic warfare.
First it was JPMorgan Bank and now a St. Petersburg court has again clamped down on three major Western banks. Deutsche Bank and Commerzbank, two of the biggest names in German finance, as well as UniCredit, a major player in the Italian banking sector, have had their assets frozen in Russia.
This decision affects significant sums: €238.6 million for Deutsche Bank and €93.7 million for Commerzbank, while UniCredit faces a freeze of €462.7 million.
The measures were taken following a complaint by the Russian company RusChemAlliance, co-founded by Gazprom. The company was planning to build a gas processing and liquefaction plant in Oust-Louga, a project to which these banks were financially linked. However, the withdrawal of German partner Linde following Western sanctions led to the failure of the project.
In response, in the summer of 2023, RusChemAlliance took the case to the St. Petersburg arbitration court, demanding hundreds of millions of euros in bank guarantees. The impact of the sanctions on the banks’ ability to meet their contractual commitments was at the heart of the lawsuit.
Faced with the court decisions, UniCredit reacted quickly, claiming to be analyzing the situation. The bank, with a significant presence in Russia since 2005, had already considered selling its Russian subsidiary in May 2022, but these plans have now been compromised.
The seizures illustrate the complexity and profound implications of the economic war, both in the fragmentation of international trade and finance.
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