Russian Court Orders $102 Million Award of Commerzbank Assets to Pipeline Firm
(Reuters) — A Russian court has ordered that Commerzbank assets worth 94.9 million euros ($101.86 million) be awarded in damages to a company overseeing construction of a gas processing plant in northwest Russia, court documents showed.
Commerzbank was one of the guarantor lenders under a contract for the construction of the gas processing plant in Ust-Luga with Germany's Linde. The deal was terminated due to Western sanctions.
St Petersburg-based RusChemAlliance, a joint venture 50%-owned by Russian gas giant Gazprom which is the operator of the project, has filed several lawsuits seeking damages from Western banks.
Commerzbank did not immediately respond to a request for comment.
Almost all of the assets involved had already been seized by court order.
($1 = 0.9317 euros)
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