Gazprom Strikes Back: Russian Energy Giant Takes Five European Banks to Court Over Gas Project Dispute
- RusChemAlliance, a Russian energy company, has taken legal action against five European banks that halted financing for a gas project in Russia following Western sanctions.
- Petersburg, target Italian bank UniCredit and German banks Deutsche Bank, Commerzbank, Bayerische Landesbank, and Landesbank Baden-Württemberg.
- RusChemAlliance, a joint venture co-owned by Russian gas giant Gazprom, has also filed additional claims against European banks after German industrial gases company Linde ceased work on a...
Russian Energy Company Sues European Banks Over Sanctions-Related Disputes
RusChemAlliance, a Russian energy company, has taken legal action against five European banks that halted financing for a gas project in Russia following Western sanctions.
The lawsuits, filed in the Arbitration Court of St. Petersburg, target Italian bank UniCredit and German banks Deutsche Bank, Commerzbank, Bayerische Landesbank, and Landesbank Baden-Württemberg.
RusChemAlliance, a joint venture co-owned by Russian gas giant Gazprom, has also filed additional claims against European banks after German industrial gases company Linde ceased work on a natural gas plant liquefied at Ust-Luga port in the Baltic in 2022.
A St. Petersburg court has frozen some of Linde’s Russian assets and ordered the freezing of assets outside Russia to recover losses related to the sudden halt in construction of a gas processing plant.
The same court previously ordered the five banks to pay compensation.
In a related development, at least 19 companies from 11 European countries have filed lawsuits against Gazprom over breaches of gas contracts, with total claims reaching €18.6 billion ($20.6 billion).