A St Petersburg court has seized over €700mn of assets belonging to three western banks — UniCredit, Deutsche Bank and Commerzbank — according to court documents.
The seizure is one of the biggest moves against western lenders since Moscow’s invasion of Ukraine prompted most international lenders to withdraw or wind down their businesses in Russia. It comes after the European Central Bank told Eurozone lenders with operations in the country to speed up their exit plans.
The moves follow a claim from Ruskhimalliance, a subsidiary of Gazprom, the Russian oil and gas giant that has a monopoly on pipeline gas exports.
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