RusKhimAlyans, a subsidiary of the Russian gas giant Gazprom (MCX:GAZP), has initiated legal action, as revealed in court documents, to claim a combined sum of 31 billion roubles ($348 million) from Deutsche Bank (ETR:DBKGn) and Commerzbank (ETR:CBKG).
With Gazprom holding a 50% stake in RusKhimAlyans, the company is pursuing over 22 billion roubles from Deutsche Bank and more than 8 billion roubles from Commerzbank. These details were disclosed in the filed documents at the Court of Arbitration of St Petersburg and the Leningrad Region.
The available information did not provide further specifics regarding the lawsuits.
Earlier this year, the same court, responding to a request from RusKhimAlyans, froze assets amounting to nearly $500 million belonging to Linde (NYSE:LIN), a German industrial gases company. The subsidiary took this action as it is involved in the construction of a gas complex at the Ust-Luga port in the Baltic Sea.
In collaboration with Renaissance Heavy Industries, Linde had signed an engineering, procurement, and construction (EPC) contract with Gazprom and its partners for the Ust-Luga gas complex in 2021.
However, Linde informed the customer between May and June 2022 that it had halted work on the contract due to European Union sanctions imposed after Russia deployed a large number of troops into Ukraine.
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