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Russian court orders $56 mln Germany's Landesbank Baden-Wuerttemberg asset seizure (www.reuters.com)

submitted 5 months ago* (last edited 5 months ago) by [email protected] to c/[email protected]

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A Russian court has ordered the seizure of 51.8 million euros ($56 million) of assets from Germany's Landesbank Baden-Wuerttemberg (LBBW), court filings showed, in a lawsuit related to an aborted gas project.

LBBW, which declined to comment, was one of the guarantor lenders under a contract for the construction of a gas processing plant in Russia with Germany's Linde, which was terminated due to Western sanctions.

When the project was halted, St Petersburg-based RusChemAlliance, a joint venture that is 50% owned by Russian gas giant Gazprom, had made a 2 billion euro advance payment on the 10 billion euro contract, according to Britain's Supreme Court website.

RusChemAlliance has filed similar suits against Deutsche Bank, Commerzbank, and Italy's UniCredit.

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[–] [email protected] 14 points 5 months ago* (last edited 5 months ago) (1 children)

that's normal. if they didn't get their money out of a sanctioned hostile country, this i what happens. those banks knew that. some maybe couldn't get their money out, others maybe took the risk gambling they can continue their projects after/during the war. the latter deserve a slap on the wrist.

[–] [email protected] 14 points 5 months ago* (last edited 5 months ago)

LBBW is owned by ~~The Länd~~ the state of Baden-Württemberg. I.e., some of the money seized is tax money or at least public money. I think that's why it's newsworthy.