Put Your AD here!

Russian court freezes assets of two German banks in gas project dispute 

Russian court freezes assets of two German banks in gas project dispute 


This article was originally published on VOA News - Economy. You can read the original article HERE

A court in the Russian city of St. Petersburg has ordered the seizing of assets of Germany’s Deutsche Bank and Commerzbank in the country, the Russia state news agency Tass says. The order is in response to a lawsuit over the planned construction of a liquefied natural gas terminal in the Baltic Sea.

The banks were among the guarantors in the contract for building a gas processing plant by a multinational construction firm, Renaissance Heavy Industries, and German company Linde. But the project was cancelled after Western sanctions, with the banks withdrawing their guarantees.

The cancellation came at the request of RusChemAlliance, a subsidiary of Russian gas giant Gazprom and the operator of the project, German news agency dpa reported.

RusChemAlliance paid advances to Linde for the building of the plant. The company is claiming about 238.61 million euros ($260 million) against Deutsche Bank and 94.92 million euros ($103 million) against Commerzbank, according to dpa.

In a statement, Deutsche Bank said that it has made a provision for approximately 260 million euros ($283 million) under an indemnification agreement.

It also said that it would need to assess the immediate operational impact in Russia and see how the claim will be viewed by the Russian courts.

Western nations have imposed a wide range of sanctions against Russia over Moscow’s invasion of Ukraine two years ago.

This article was originally published by VOA News - Economy. We only curate news from sources that align with the core values of our intended conservative audience. If you like the news you read here we encourage you to utilize the original sources for even more great news and opinions you can trust!

Read Original Article HERE



YubNub Promo
Header Banner

Comments

  Contact Us
  • Postal Service
    YubNub Digital Media
    361 Patricia Drive
    New Smyrna Beach, FL 32168
  • E-mail
    admin@yubnub.digital
  Follow Us
  About

YubNub! It Means FREEDOM! The Freedom To Experience Your Daily News Intake Without All The Liberal Dribble And Leftist Lunacy!.


Our mission is to provide a healthy and uncensored news environment for conservative audiences that appreciate real, unfiltered news reporting. Our admin team has handpicked only the most reputable and reliable conservative sources that align with our core values.