A subsidiary of Russian energy firm Gazprom has filed a $472 million lawsuit against Italian lender UniCredit.
RusKhimAlyans, which is 50 per cent owned by Gazprom, has filed documents with the Court of Arbitration of St Petersburg and the Leningrad Region. The firm is in the process of building a gas complex at Ust-Luga, but its development has been held up as a result of EU sanctions.
UniCredit, along with Deutsche Bank and Commerzbank – who have also been sued and will head to the courtroom in September and October respectively – were guarantors on an engineering, procurement and construction (EPC) contract signed in 2021 by Germany’s Linde and Turkey's Renaissance Heavy Industries with Gazprom on the complex.
Linde previously suspended work under the contract due to sanctions imposed by the EU following Russia’s illegal invasion of Ukraine. The company informed the customer in May and June 2022.
The Court of Arbitration of St Petersburg and the Leningrad Region previously ordered the freeze of nearly $500 million of assets belonging to Linde at RusKhimAlyans's request.
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