Russian court orders $56 mln Landesbank Baden-Wuerttemberg asset seizure, 7 June 2024

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.

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