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.

  • federalreverse-oldEnglish
    14•18 days 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.