Gazprom takes aim at Deutsche Bank Russian branch

By bne IntelliNews July 12, 2023

RusKhimAlyans, a subsidiary of Russian natural gas giant Gazprom, is seeking foreclosure on the Russian business of Deutsche Bank over unpaid bank guarantees, Reuters reported citing court documents filed at St Petersburg Arbitration court.

As covered by bne IntelliNews, in April Russia’s largest bank state-controlled Sberbank (Sber) had reportedly filed a €7.2mn lawsuit against Deutsche Bank in the Moscow Arbitration Court. The matter of the lawsuit was not disclosed.

Reportedly, RusKhimAlyans now also filed lawsuits seeking a total of RUB31bn ($339mn) in rewards from Deutsche Bank and another German bank, Commerzbank.

In particular, the company is seeking more than RUB22bn from Deutsche Bank and over RUB8bn from Commerzbank. Gazprom controls 50% in RusKhimAlyans.

The court has since released details which show RusKhimAlyans is seeking foreclosure on 100% of Deutsche Bank's Russian subsidiary Deutsche Bank LLC and on Deutsche Bank Technology Centre, according to Reuters.

Russian Deutsche Bank boosted its net profit under Russian Accounting Standards (RAS) 5.8-fold year on year in 2022 to RUB5.4bn ($66mn), a record high since 1999. Deutsche Bank too managed to boost profits despite the 36% contraction in Russian assets and 42% decline in Russian credit exposure.

Prior to Russia’s full-scale military invasion of Ukraine, Deutsche Bank ranked 58th in Russia in terms of assets, working exclusively with corporate clients for investment, cash and settlement and treasury services.

#Russia #banking #Gazprom #DeutscheBank #sanctions

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